Orange County NC Website
Browse       Search
1 <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br /> FINANCE and ADMINISTRATIVE SERVICES <br /> Gary Donaldson,CTP,Chief Financial Officer I gdonaldson@orangecountync.gov 1200 S.Cameron Street,Hillsborough,NC 27278 1 919.245.2453 <br /> To: Board of County Commissioners <br /> From: Gary Donaldson, Chief Financial Officer <br /> Date: February 18, 2020 <br /> Re: Financial Report for Second Quarter of FY 2019-20 <br /> OVERVIEW <br /> The County financial report for the second quarter of fiscal year 2019-20 provides information on the economy, <br /> revenues, expenditures, cash balances through December 31, 2019.The summary tables below covers the <br /> General Fund, Enterprise Funds, and Special Revenue Funds.The notes at the end of each table provide variance <br /> explanations which compares the current fiscal year year-to-date with the prior fiscal year. Based on six-months <br /> of fiscal year activity and updates to our long-term financial model, the General Fund is projected to end FY 2019- <br /> 20 with no use of fund balance. Further General Fund detail is included for additional review. The Enterprise <br /> Funds and Special Revenue Funds are projected to end the fiscal year consistent with the FY 2019-20 operating <br /> budget as well. <br /> Economy <br /> The economic research centers at both UNC-Charlotte and NC State University indicate moderate economic <br /> growth as measured by U.S. Gross Domestic Product and Gross State Product growth rates are at 2%through FY <br /> 2019-20.The County's financial model and forecast assumptions are predicated on continued economic growth. <br /> Economic data from the NC economist views can be found at the following links: <br /> UNC-Charlotte NC State University <br /> Revenues-General Fund <br /> General Fund revenues represent 64.2%of total revenues as compared with the prior fiscal year of 62.6%. The <br /> property tax base which is growing by 2%and projected collection rate are forecasted to meet the budgeted <br /> amount. Sales tax has experienced solid growth primarily attributed to the NC Department of Revenue <br /> enforcement of online sales tax transactions and has indicated by the historical sales tax trends. <br /> Expenditures-General Fund <br /> General Fund expenditures represent 45.3%of total expenditure as compared with the prior fiscal year of 45.5%. <br /> Expenditures are projected to be within budget primarily attributed to personnel savings and prudent <br /> management of non-personnel expenditures. There are no major expenditure variances among the Functional <br /> Leadership Teams that warrant additional attention at this juncture. <br /> Other County Funds <br /> There are no major variances among the other County Funds and these operating funds are expected to perform <br /> within budget as indicated by the enclosed table. <br /> cc: Bonnie Hammersley, County Manager <br /> Enclosures <br /> Orange County Government I www.orangecountync.gov 1919.732.8181 <br />