Agenda - 05-16-2017-12-3 - Information Item - Third Quarter FY2016-17 Financial Report- Period Ending March 31, 2017

Browse Search

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