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<br />1 <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: June 19, 2018 <br />Re: Third Quarter FY2017-18 Financial Report- Period Ending March 31, 2018 <br />_____________________________________________________________________________________ <br />The Third Quarter FY2017-18 report provides revenues and expenditures information for the period ending March 31, <br />2018. Based on nine months of financial data, the fiscal year end revenues versus expenditures remain to be break-even. <br />Our financial forecasting model has been a useful tool in confirming staff estimates. <br />The Major Orange County Operating funds are: <br />• General Fund <br />• Enterprise Funds (Solid Waste Fund and Sportsplex Fund) <br /> <br />The third quarter 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. A year-to-date investment <br />holdings balance is included as well. <br />The enclosed 2018 Economic Outlook Report by Dr. Michael Walden of NC State University indicates that North <br />Carolina’s economic growth rate has accelerated since 2013 and has beaten the national growth rate for three straight <br />years. The report states that the pace of job growth has slowed after peaking in 2015. However, the NCSU Index of North <br />Carolina Leading Indicators shows no indication of a recession in the immediate future. These economic indices are <br />consistent with our near term financial forecasting model. <br />General Fund Revenues <br />Third quarter FY2017-18 General Fund revenues total $186.6 million or 83.9% of budgeted revenues, which represents a <br />1.8% increase when compared with 3Q FY2016-17 total of $183.3 million or 82.1% of budgeted revenues. This increase <br />is primarily attributed Property Tax revenue performance resulting from lower projected tax appeals from the revaluation <br />than expected. Charges for Services are higher due to increased Emergency Service billings. Note: The <br />1