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+ V 52 <br /> trri G,.�• <br /> Orange County <br /> Finance Department <br /> 208 South Cameron Street Tel: 919 732-8181 <br /> Post Office Box 8181 919 968-4501 <br /> Hillsborough, NC 27278 919 688-7331 <br /> 919 227-2031 <br /> Fax: 919 644-3324 <br /> MEMORANDUM <br /> TO: John Link, County Manager <br /> Rod Visser,Assistant County Manager <br /> FROM: Ken Chavious, Finance Director <br /> DATE: March 19, 2002 <br /> SUBJECT: School System Fund Balance <br /> I have reviewed the Annual Financial Reports for both schools systems for the fiscal year ended <br /> June 30, 2001. My review included an analysis of fund balance in the school system's general fund, <br /> as you requested. My observations are as follows. <br /> Orange County Schools <br /> • Expenditures exceeded revenues by approximately$46,000 thus reducing total fund balance. <br /> • After required reservations ($825,000) and an appropriation of $2,000,000 for the 2001-02 <br /> budget, undesignated Fund Balance at year-end was $928,000. <br /> • Undesignated fund balance represented 5.5% of general fund expenditures at year-end. <br /> Chapel Hill-Carrboro City Schools <br /> • Expenditures exceeded revenues by approximately$305,000 reducing total fund balance. <br /> • Total fund balance was further reduced by a$64,000 auditor adjustment related to the previous <br /> fiscal year and an operating transfer of$12,000 to the food service fund. <br /> • After required reservations ($1,800,000)and an appropriation of$1,500,000 for the 2001-2002 <br /> budget, undesignated fund balance at year-end was$817,000. <br /> • Undesignated fund balance represented 2.25% of expenditures at year-end. <br /> Please call me if you have any questions. <br />