Orange County NC Website
Browse       Search
1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: September 8, 2016 <br /> Action Agenda <br /> Item No. 3 <br /> SUBJECT: General Fund Unassigned Fund Balance Policy <br /> DEPARTMENT: Finance and Administrative <br /> Services <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> A. BOCC Fund Balance Policy Bonnie Hammersley, 919-245-2300 <br /> B. PowerPoint Presentation Travis Myren, 919-245-2308 <br /> Gary Donaldson, 919-245-2453 <br /> Paul Laughton, 919-245-2152 <br /> PURPOSE: To continue a review of the County's Unassigned General Fund Balance policy. <br /> BACKGROUND: On April 5, 2011 the BOCC adopted a fund balance policy that states: <br /> The County will strive to maintain an unassigned fund balance in the General Fund of 17% <br /> percent of budgeted general fund operating expenditures each fiscal year. The amount of <br /> unassigned fund balance maintained during each fiscal year should not fall below 8% <br /> percent of budgeted general fund operating expenditures, as recommended by the North <br /> Carolina Local Government Commission. <br /> The Finance Director made a presentation to the Board at the June 16, 2016 budget work <br /> session which provided information on the County's General Fund balance policy, best <br /> practices, and benchmarking with other peer North Carolina counties. <br /> The BOCC requested continuation of this discussion as part of the September 8 work session <br /> agenda. In addition, the Finance Director as part of: <br /> 1) Each Quarterly Financial Report; provide an update of the County General Fund <br /> reserve levels to the BOCC <br /> 2) The new Five Year Financial Plan framework; include County General Fund Balance <br /> data which will be presented to the BOCC <br /> FINANCIAL IMPACT: There is no financial impact from this work session presentation. <br />