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11 <br /> <br /> <br />Fiscal Year 2017-18 Review and Summary <br />Gary Donaldson, Chief Financial Officer <br />December 18, 2018 <br />BOCC Regular Meeting <br /> <br />FY 2017-18 Audited Reserves by Fund (chart) <br /> <br />Fund Balance Policy Compliance (bar graph) <br /> <br />Debt Service Policy Compliance (bar graph) <br />FY 2017-18 Unassigned Fund Balance of 16.23%= $34,439, 230 compared to 16% <br />Policy=$33,951,266 <br />The .23% difference= $487,964 <br />Service Policy Compliance <br /> <br />Investment Earnings Performance: General Fund Investment Earnings (graph) <br /> <br />Investment Earnings Performance: Solid Waste Fund Investment Earnings (graph) <br /> <br />Operating Funds Highlights <br /> Met Board County Policies; Unassigned Fund Balance and Debt Service Limit; <br /> AAA Bond Rating Affirmation by all 3 Rating Agencies citing Favorable Budget versus <br />Actuals Performance and Reserve Levels; <br /> Refinanced Existing Debt and Achieved $2 million in savings over the life of the Debt <br />obligations; <br /> Reduced General Fund subsidy to Solid Waste Fund from $1.8 to $1.5 million; <br /> Doubled Investment Earnings through timely investment of cash in higher interest rate <br />environment three successive fiscal years; <br /> Decommissioned structurally imbalanced Vehicle Replacement Fund in Budget <br />Amendment #10; and <br /> Implemented GASB 74 and 75 for Other Post-Employment Benefits (OPEB); with no <br />adverse impact on Financial Statements; <br /> <br />Capital Fund Highlights <br /> Spring Installment Purchase Financing: $7.5 million included Northern Campus <br />acquisition; Government Services Annex relocation of Electrical and HVAC; School <br />Facilities and Buildings; 9 Sheriff Dodge Chargers; 3 Emergency Services Ambulances; <br />1 Animal Services Truck; 1 Solid Waste Truck and 1 Compactor Equipment; IT <br />improvements; and Affordable Housing Land Banking. <br /> General Obligation Bonds: $64.4 million for Chapel Hill High School; $15.9 million <br />Orange County Schools Mechanical Systems, Site acquisition, Roofing and Safety <br />improvements; $5.9 million Two-thirds bonds for both School Districts; and $2.5 million <br />for Affordable Housing Bonds for CASA, Empowerment and Habitat for Humanity <br />Projects. <br /> <br />Financial Management Monitoring <br />• Monthly and Quarterly Finance Reviews of all Funds <br />• Budget versus Actual Variance Analyses compared with Prior Year <br />• Financial Analysis Distinguishing Timing versus Performance Variances