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23 <br /> NEXT STEPS <br /> Our next steps as a collaborative is to work with the schools and our other partners to <br /> create a development plan to diversify the collaborative's funding and increase sustainability. <br /> We will also be mapping out the steps for FSA to become a nonprofit in a 5-year timeframe <br /> and will consult with the commissioners about the pros and cons of that strategy. <br /> Chair McKee thanked Coby Austin for the informative presentation. <br /> b. FY2016-17 First Quarter Financial Report <br /> The Board received and considered a First Quarter General Fund and Enterprise <br /> Funds summary Financial Report for the period of July 1, 2016 - September 30, 2016. <br /> Gary Donaldson, Chief Financial Officer, made the following PowerPoint presentation: <br /> DEPARTMENT OF FINANCE AND ADMINISTRATIVE SERVICES <br /> FY2016-17 FIRST QUARTER FINANCIAL REPORT <br /> Quarterly Financial Report Contents <br /> • General Fund Revenues and Expenditures Analysis by Major Revenue Categories and <br /> each Department by Functional Leadership Team <br /> • 5-Page Narrative explaining Major variances (1st Attachment) <br /> o Narrative delineating any material variance by either Performance or Timing <br /> • Detailed Comparison of FY2016-17 Budget versus Actual and FY2015-16 Budget <br /> versus Actual Table (2nd Attachment) <br /> • NC State 2016 Economic Outlook (3rd Attachment) <br /> General Fund Revenue Overview <br /> • Solid revenue performance consistent with improving economy and consumer <br /> confidence <br /> • Property tax revenue performance reflects Tax Administration's Office collection efforts <br /> and consistent with forecasted revenue growth; property tax revenues comprise 70% of <br /> Budgeted General Fund revenues <br /> • Sales tax remittances from NC Department of Revenue normally lag three months in <br /> economic activity; these revenues are the next largest revenue source accounting for <br /> 10% of Budgeted General Fund revenues <br /> • Remaining 20% of revenues consists primarily of Intergovernmental and Charges for <br /> Services <br /> General Fund Revenues Budget versus Actual Comparative Analysis (chart) <br /> General Fund Expenditure Overview <br /> • Expenditures are indicated by the Functional Leadership Teams <br /> • Department Expenditures remain within Budgeted first quarter appropriations <br /> • 1Q Spending accounts for 23.4% of Budgeted Expenditures as compared to 24.9% in <br /> the prior year <br /> • No significant variances attributed to Performance <br /> • Debt Service payments are budgeted in Non-Departmental <br />