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A476co mv4 `.4 <br /> 10/17/02 <br /> Fiscal Year 2001-02 Financial Update <br /> June 2001 — BOCC adopted fiscal year 2001-02 budget that included <br /> $3.1 million in anticipated reimbursements from the State <br /> February 5, 2002 - Due to the State's fiscal crisis, Govemor Easley <br /> declares "Fiscal State of Emergency" <br /> • He announced plans to withhold a portion of local government <br /> reimbursements, totaling $209 million, in fiscal year 2001-02 <br /> • The anticipated loss for Orange County was projected at $712,000 <br /> \z7 <br /> February 18, 2002 — Preliminary year-end estimates estimated a County <br /> budget shortfall of between $712,000 and$862,000 at the end of fiscal <br /> year 2001-02 <br /> • Staff indicated that the County could absorb the potential deficit through <br /> the use of fund balance <br /> Spring 2002 — The County Manager's recommended budget for 2002-03 <br /> appropriated$2.4 million in fund balance <br /> • Commissioners appropriated an additional $216,000 in fund balance <br /> • Preliminary calculations projected year end fund balance to be about 9.6 <br /> percent of 2002-03 budgeted expenditures <br /> June 30, 2002 —As indicated earlier, the shortfall was absorbed through <br /> the use of fund balance <br /> • Presentation of year end audit for fiscal year 2001-02 is scheduled for <br /> November 19, 2002 Board of Commissioners meeting <br />