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Fiscal Year 2001 -02 Financial Update <br /> June 2001 — BOCC adopted fiscal year 2001-02 budget that included $3. 1 million in anticipated <br /> reimbursements from the State <br /> February 5, 2002 - Due to the State's fiscal crisis, Governor Easley declares "Fiscal State of Emergency" <br /> *He announced plans to withhold a portion of local government reimbursements, totaling $209 million, in <br /> fiscal year 2001-02 <br /> *The anticipated loss for Orange County was projected at $712,000 <br /> February 18, 2002 — Preliminary year-end estimates estimated a County budget shortfall of between <br /> $712,000 and $862,000 at the end of fiscal year 2001-02 <br /> *Staff indicated that the County could absorb the potential deficit through the use of fund balance <br /> June 30, 2002 — As indicated earlier, the shortfall was absorbed through the use of fund balance <br /> •Preliminary calculations projected year end fund balance to be about 9.6 percent of 2002-03 budgeted <br /> expenditures <br /> -Presentation of year end audit for fiscal year 2001-02 is scheduled for November 19, 2002 Board of <br /> Commissioners meeting <br /> S <br /> 10/21/02 <br />