Orange County NC Website
14 <br /> 1 locations resulting in greater networking and knowledge sharing among our <br /> 2 governmental clients. We normally see approximately 100 people per quarter. <br /> 3 o Examples of subjects addressed in the past few quarters include: <br /> 4 Revenue Accounting Requirements <br /> 5 GASB Updates <br /> 6 Internal Controls — Revenues & Receipts <br /> 7 Internal Controls — Expenses, Disbursements & Payroll <br /> 8 Collateral ization of Deposits <br /> 9 SPLOST Accounting, Reporting & Compliance <br /> 10 Capital Asset Accounting <br /> 11 Grant Accounting, Processes and Controls <br /> 12 Policies & Procedures Manuals <br /> 13 Segregation of Duties <br /> 14 GASB No. 51 — Intangible Assets <br /> 15 Single Audits for Auditees <br /> 16 GASB No. 54 — Governmental Fund Balance <br /> 17 Best Budgeting Practices, Policies and Processes <br /> 18 Internal Revenue Compliance (Payroll) <br /> 19 CAFR Preparation <br /> 20 GASB No. 60— Service Concession Arrangements <br /> 21 GASB No. 61, the Financial Reporting Entity <br /> 22 GASB No. 63 & 65 — Deferred Inflows and Outflows <br /> 23 GASB No 67 & 68, Accounting/Reporting Pension Plans <br /> 24 <br /> 25 Commissioner Bedford referred to the general fund versus actual, and asked if these <br /> 26 changes were built into the budget for 2020, and how much more money can the County spend <br /> 27 than it was planning on. <br /> 28 James Bence said a lot of these variances are not related to audit adjustments, but <br /> 29 rather to how the County's general fund performs. He said staff may be able to better answer <br /> 30 this question. <br /> 31 Commissioner Bedford said this was probably already done by the Finance Department <br /> 32 as budget amendments, prior to the auditors coming in. <br /> 33 James Bence said the $11 million is actuals over the appropriated budgets. He said <br /> 34 the County already used, and was reporting, $7.8 million of fund balance in the original <br /> 35 adoption of the FY 202 budget. <br /> 36 Commissioner Greene referred to the reduction in subsidy to the solid waste fund, and <br /> 37 said this is a dramatic number. She asked if staff expected the number to be this great. <br /> 38 Bonnie Hammersley said yes, and for 2019-20, the budgeted amount of 0. She said <br /> 39 half a million was budgeted for 18-19, and staff was hoping to do that fairly quickly, which it was <br /> 40 able to do. <br /> 41 Bonnie Hammersley said the first year she was in the County there were revenues that <br /> 42 came in about 8% over while the County was spending 95%. She said this resulted in 13% <br /> 43 discrepancy between what the budget was. She said right now it is 1.5% and 3% over, which is <br /> 44 much closer. She gave kudos to the budget and finance staff, which only has one finding this <br /> 45 year in the audit. <br /> 46 Commissioner Dorosin referred to the slide about General Fund revenues, and asked <br /> 47 the presenter to walk through this slide again. <br /> 48 James Bence said the BOCC was planning to reduce the general fund's fund balance <br /> 49 to cover operations. <br />