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INFORMATION ITEM 1 <br /> � III <br /> III"�m�lllll IW iiipipi ii � 0jiiii ���� �����111(11 <br /> NOR CAIR.().....1N .. <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 2, 2017 <br /> Re: First Quarter FY2017-18 Financial Report-Period Ending September 30, 2017 <br /> The First Quarter FY2017-18 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 /> The quarterly financial performance report is presented with a detailed comparison of FY2017-18 Budget versus Actual <br /> and FY2016-17 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 FY2017-18 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 FY2017-18 General Fund revenues total $23.6 million or 10.7%of budgeted revenues,which represents a <br /> 1.0%decrease when compared with 1Q FY2016-17 total of$25.4 million or 11.7%of budgeted revenues. This decrease <br /> is primarily attributed to a timing variance as it relates to Property Tax collections, and to a reduction in Social Services <br /> Intergovernmental revenues attributed to the State of North Carolina taking over Child Day Care payments to providers. <br /> Note: The Intergovernmental revenues in Social Services are down approximately$1.1 million,but there is also a <br /> corresponding decrease on the expenditure side in Social Services related to Child Day Care expenses. Property Tax <br /> 1 <br />