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<br /> 1 Lyons said even though the fund balance percentage is lower, given the challenges of
<br /> 2 the pandemic and the economy, right at 16% is a good place for the County to be. He resumed
<br /> 3 the PowerPoint presentation:
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<br /> 5 Slide #9
<br /> General Fund 6udgetto Actual Results— ORANGE COUNTY
<br /> Fiscal Year 2020 NORTH CAizoi INA
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<br /> 8 Tim Lyons said expenditures were less than budgeted because of department efforts to
<br /> 9 control costs. He said, as a result, budgeted use of fund balance was not needed at the level
<br /> 10 anticipated. He said CARES act moneys that were not spent were required to be recorded as
<br /> 11 liabilities. He said this makes up a large amount of the variance, and is described as a technical
<br /> 12 variance. He resumed the PowerPoint presentation:
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<br /> 14 Slide #10
<br /> Cammcnts,Rccamm-101ans, ORANGE COUNTY
<br /> and Other Issues ICenu sued} NORTH CAROI IN A
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<br /> 16
<br /> 17 Tim Lyons said the management letter consists of items the firm thinks is important to
<br /> 18 communicate to management. He said cyber security is something that our clients need to think
<br /> 19 about on an ongoing basis, which affects all levels of government. He resumed the PowerPoint
<br /> 20 presentation:
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