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1 <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br /> FINANCE and ADMINISTRATIVE SERVICES <br /> Gary Donaldson,CTP,Chief Financial Officer I gdonaldson@orangecountync.gov I PO Box 81.81,Hillsborough,NC 27278 1 919.245.2453 <br /> MEMORANDUM <br /> To: Board of County Commissioners <br /> From: Gary Donaldson, Chief Financial Officer <br /> Date: February 20, 2024 <br /> Re: Financial Report- Second Quarter FY 2023-24 <br /> Please find attached a summary of FY 2023-24 second quarter financial report for the General Fund, Enterprise Funds, <br /> and Special Revenue Funds.The revenue and economic base through the first six months of the fiscal year remains <br /> consistent with the FY 2023-24 adopted budget. Our quarterly financial reports continue to include insights from local <br /> economists in recognition of the important role of the economy in our financial performance. Dr.Jonathan <br /> Connaughton's commentary below and the linked report offer additional economic performance metrics. <br /> UNC Charlotte- Dr.Jonathan Connaughton Excerpt and Link <br /> "Looking ahead to 2024, the report forecasts modestgrowth. North Carolina employment is expected to add 53,400 net <br /> jobs, reaching 5,003,800 persons by December 2024, a 1.1%increase over the anticipated December 2023 employment <br /> level. <br /> Considering North Carolina's Gross Domestic Product, the real(inflation-adjusted)growth rate for 2024 is projected to <br /> increase by 2.4°0.All 15 of the state's economic sectors are expected to experience output increases during 2024." <br /> The full report and a recording of the presentation by Dr.Jonathan Connaughton is at <br /> https://issuu.com/belkcollege/docs/economic forecast dec 2023 unc charlotte <br /> 1 <br />