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<br /> <br /> <br />FINANCE and ADMINISTRATIVE SERVICES <br />Gary Donaldson, CTP, Chief Financial Officer | gdonaldson@orangecountync.gov | 200 S. Cameron Street, Hillsborough, NC 27278 | 919.245.2151 <br /> <br />MEMORANDUM <br /> <br />To: Board of County Commissioners <br />From: Gary Donaldson, Chief Financial Officer <br />Date: February 20, 2018 <br />Re: Second Quarter FY2017-18 Financial Report <br />_________________________________________________________________________ <br />The Second Quarter FY2017-18 report provides revenues and expenditures information for the period ending December <br />31, 2017. Based on six months of financial results, the fiscal year end revenues versus expenditures are projected to be <br />break-even. The use of a new financial model has been integrated in our financial forecasting. <br />The Major Orange County Operating funds are: <br />• General Fund <br />• Enterprise Funds (Solid Waste Fund and Sportsplex Fund) <br /> <br />The quarterly report is presented with a detailed comparison Budget versus Actuals for the current and prior fiscal year <br />indicating year to date revenues and expenditures performance. The primary goal of this quarterly report is to <br />communicate a concise high level financial status of the County’s major operating funds. <br />The enclosed 2018 Economic Outlook Report by Dr. Michael Walden of NC State University highlights economic <br />activity throughout North Carolina and its major metropolitan regions. The economic report indicates sustained growth <br />and no contraction in economic activity for 2018. The report’s metrics supports the County’s projected sales tax growth <br />rate of 6% for this fiscal year, as sales tax highly correlates with employment, payroll and gross metropolitan product <br />indicators. <br />General Fund Performance <br />The FY2017-18 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, 2017. As of the second quarter General fund revenues total $142.8 million and <br />General Fund expenditures total $104.1 million. <br />General Fund Revenues <br />1