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9 <br /> 02. The document should provide narrative, tables, schedules, or matrices to show the <br /> relationship between functional units, major funds, and non-major funds in the aggregate. <br /> Proficient. Criteria met. <br /> F2. The document shall explain the basis of budgeting for all funds, whether cash, modified <br /> accrual, or some other statutory basis. Proficient. Criteria met. <br /> P4. Mandatory: The document should include a coherent statement of entity-wide long-term <br /> financial policies. Proficient. Policies are included. Do you have a practice in place for <br /> regular review of all policies for on going relevance and adherence to mandates? If so, <br /> please mention. <br /> P5. Mandatory: The document shall describe the process for preparing, reviewing, and <br /> adopting the budget for the coming fiscal year. It also should describe the procedures for <br /> amending the budget after adoption. Proficient. Thanks for emphasizing the importance <br /> of BOCC goals in the budget process. Nice job. <br /> Financial Summaries <br /> F3. Mandatory: The document shall present a summary of major revenues and expenditures, <br /> as well as other financing sources and uses, to provide an overview of the total resources <br /> budgeted by the organization. Proficient. Effective presentation. <br /> F4. Mandatory: The document must include summaries of revenues and other financing <br /> sources and of expenditures and other financing uses for the prior year actual, the current <br /> year budget and/or estimated current year actual, and the proposed budget year. <br /> Proficient. Criteria met. <br /> F5. Mandatory: The document shall include projected changes in fund balances for <br /> appropriated governmental funds. Proficient. Criteria met. <br /> F6. Mandatory: The document shall describe major revenue sources, explain the underlying <br /> assumptions for the revenue estimates, and discuss significant revenue trends. <br /> Proficient. Effective presentation of revenue sources/assumptions/trends. Please <br /> consider adding an historical graphic for sales tax receipts. <br /> F7. The document should explain long-range financial plans and its affect upon the budget <br /> and the budget process. Information not present. Unable to locate any long-term <br /> financial plans or narratives of long-term initiatives. <br /> Capital & Debt <br /> F8. Mandatory: The document should include budgeted capital expenditures, whether <br /> authorized in the operating budget or in a separate capital budget. Proficient. Projects to <br /> be funded in 2020/2021 are listed. If you have a long-term CIP, please consider <br /> presenting summary financials for the life of the plan. <br /> F9. The document should describe if and to what extent significant nonrecurring capital <br /> expenditures will affect the entity's current and future operating budget and the services <br /> that the entity provides. Information not present. While only year one of the CIP is <br /> approved, there could be impacts for these projects. Please include. Needs work. <br /> 1710. Mandatory: The document shall include financial data on current debt obligations, <br /> describe the relationship between current debt levels and legal debt limits, and explain the <br /> effects of existing debt levels on current operations. Proficient. Debt management is <br /> discussed, bond ratings included, and outstanding issues are listed. Please consider <br /> adding the purpose of each issue in future budgets. <br /> Orange County,NC Page 2 <br />