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Attachment 1 2 <br /> RANGL. COUNTY <br /> NOR! t..t t:AR()i.JNA.. <br /> FINANCE and ADMINISTRATIVE SERVICES <br /> Gary Donaldson,CTP,Chief Financial Officer I gdonaldson @orangecountync.gov I 200 S.Cameron Street,Hillsborough, NC 27278 I 919.245.2151 <br /> MEMORANDUM <br /> To: Board of County Commissioners <br /> From: Gary Donaldson, Chief Financial Officer <br /> Date: November 1, 2016 <br /> Re: First Quarter FY2016-17 Financial Report-Period Ending September 30, 2016 <br /> The First Quarter FY2016-17 report represents the Department of Finance and Administrative Services commitment to <br /> providing important financial reporting to you, the County Manager, and our Residents. <br /> The primary components of the County quarterly financial report are: <br /> • General Fund Financial Performance <br /> • Enterprise Funds (Solid Waste Fund and Sportsplex Fund)Financial Performance <br /> • Economic Outlook Report by Dr. Michael Walden of NC State University <br /> • Investment Portfolio Summary <br /> The quarterly financial performance report is presented with a detailed comparison of FY2016-17 Budget versus Actual <br /> and FY2015-16 Budget versus Actual indicating year to date revenues and expenditures performance. The primary goal of <br /> this quarterly report is to communicate a concise financial status of the County's major operating funds. <br /> General Fund Performance <br /> The FY2016-17 General Fund performance is consistent with historical performance. During the first three months of the <br /> County's fiscal year, expenditures normally exceed revenues due to the timing of Property Tax revenues which are due <br /> September 1. The County's cash flow and ability to cover expenditures during this period is attributed to a strong balance <br /> sheet. <br /> General Fund Revenues <br /> First quarter FY2016-17 General Fund revenues total$24.9 million or 11.5% of budgeted revenues,which is consistent <br /> with 1Q FY2015-16 total of$24.6 million or 11.9% of budgeted revenues. This slight decrease of 0.4%is primarily <br /> attributed to a timing variance,more specifically, the timing of Intergovernmental revenue associated with Department of <br /> Social Services grants and ABC revenue. For 1Q FY2016-17, the Department of Social Service grant revenue was <br /> 1. <br />