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Agenda - 05-16-2017-12-3 - Information Item - Third Quarter FY2016-17 Financial Report- Period Ending March 31, 2017
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Agenda - 05-16-2017-12-3 - Information Item - Third Quarter FY2016-17 Financial Report- Period Ending March 31, 2017
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BOCC
Date
5/16/2017
Meeting Type
Regular Meeting
Document Type
Agenda
Agenda Item
12-3
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Minutes 05-16-2017
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\Board of County Commissioners\Minutes - Approved\2010's\2017
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INFORMATION ITEM 1 <br /> NOR'!" ....t a: RO LINA <br /> FINANCE and ADMINISTRATIVE SERVICES <br /> Gail Donaldson,CTP,Chief Financial Office' gonaldson @orangecoimtpnc.gov I 200 S.Cameron Street,Hillsborough,NC 27278 919.245.2151 <br /> MEMORANDUM <br /> To: Board of County Commissioners <br /> From: Gary Donaldson, Chief Financial Officer <br /> Date: May 16, 2017 <br /> Re: Third Quarter FY2016-17 Financial Report-Period Ending March 31,2017 <br /> The Third 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 Major Orange County Operating funds are: <br /> • General Fund <br /> • Enterprise Funds (Solid Waste Fund and Sportsplex Fund) <br /> The quarterly report is presented with a detailed comparison of FY2016-17 Budget versus Actual and FY2015-16 Budget <br /> versus Actual indicating year to date revenues and expenditures performance. The primary goal of this quarterly report is <br /> to communicate a concise financial status of the County's major operating funds. <br /> General Fund Performance <br /> The FY2016-17 Budget included a fund balance appropriation of$12.7 million. This portion of fund balance represents <br /> the assigned fund balance.As of the third quarter it is estimated that$1.3 million of the assigned fund balance will be <br /> used to offset lower revenue estimates for Charges for Services and as a means of meeting budgeted expenditures and <br /> transfers out. The General Fund transfers out are comprised of$876,500 for County Capital and$4.7 million for School <br /> Capital. <br /> Through the third quarter of this fiscal year, General Fund revenues total$183.2 million and General Fund expenditures <br /> total$157.2 million. Property Tax revenues which were collected between September 1,2016 and January 2017, accounts <br /> for 70% of General Fund revenues. The remaining revenues will be derived from sales tax, charges for services, and <br /> intergovernmental revenues. The last sales tax remittance for this fiscal year will be remitted by the North Carolina <br /> Department of Revenue in September 2017 and we will accrue this amount to FY 2016-17. <br />
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