Orange County NC Website
Browse       Search
INFORMATION ITEM 1 <br /> N0RT1 T C:AIIECI':)J.....INA <br /> FINANCE and ADMINISTRATIVE SERVICES <br /> Gary Donaldson,CTP,Chief Financial Officer gonaldson@orangecountync.gov 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: February 21, 2017 <br /> Re: Second Quarter FY2016-17 Financial Report-Period Ending December 31, 2016 <br /> The Second 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 in this financial report are: <br /> • General Fund <br /> • Enterprise Funds (Solid Waste Fund and Sportsplex Fund) <br /> The quarterly financial report is presented with a detailed comparison of FY2016-17 Budget versus Actual and FY2015- <br /> 16 Budget versus Actual indicating year to date revenues and expenditures performance. The primary goal of this <br /> quarterly report is to communicate a concise financial status of the County's major operating funds. <br /> A 2017 Economic Outlook Report by Dr. Michael Walden of NC State University is included as a complement to this <br /> quarterly financial report. <br /> General Fund Performance <br /> The FY2016-17 General Fund performance is consistent with historical performance. Unlike the first three months of the <br /> County's fiscal year,where expenditures normally exceed revenues due to the timing of Property Tax revenues which are <br /> due September 1,the second quarter revenues normally exceed expenditures due to the collection of a large majority of <br /> Property Tax revenues by December 31, 2016. <br /> General Fund Revenues <br /> Second quarter FY2016-17 General Fund revenues total $134.8 million or 61.2%of budgeted revenues,which is down by <br /> $3.7 million from 2Q FY2015-16 total of$138.5 million or 65.7%of budgeted revenues. This decrease is not a <br /> performance variance; it represents a timing variance in the receipt of property tax collections, drawdown of Lottery <br />