HomeMy WebLinkAboutAgenda - 11-06-2014-13 (5)INFORMATION ITEM
ORANGE OUNTY
NORTH CAROLWA
FINANCE AND ADMINISTRA TIVE SERVICES
200 South Cameron Street Clarence G. Grier, CPA, CITP, CGMA Phone (919) 245 -2553
Post Office Box 8181 Assistant County Manager — CFO Fax (919) 644 -3324
Hillsborough, North Carolina 27278
MEMORANDUM
To: Board of County Commissioners
From: Clarence Grier, Assistant County Manager — Chief Finance Officer
Date: October 20, 2014
Re: Major Fund Financial Statement for the Year Ended June 30, 2014
As part of meeting the periodic financial reporting requirements and providing timelier source information in
regards to the financial status of the County, we have developed an interim financial statement that will provide
information on the major fund financial status for the year ended June 30, 2014. The following County funds
are considered major funds under the Governmental Accounting Standards Board:
The Major funds of the County are as follows:
• General Fund
• Capital Funds — County Capital and School Capital Funds
• Solid Waste Fund
• Sportsplex Fund
The Major Fund of the County accounted for approximately 86 percent of the total annual revenues of the
County. An overview of financial status for each of the major funds is included in the financial statement and as
follows:
General Fund
• Total revenues (revenues and transfers) for the General Fund are $194.6 million for an increase of
$7.7 million or 4.1% over the same period in fiscal year 2012 -13. This revenue increase is mainly due
to the timing, billing and collection of Registered Motor Vehicles Ad Valorem Taxes. Total revenues
collected are 86% of the amended budget for the current fiscal year.
• Total expenditures (expenditures and transfers) for the General Fund are $188.5 million for an
increase of $14.1 million or 7.7% over the same period in the previous year. General Fund
Expenditures increased due increased expenditures for Education and Debt Service. Total
expenditures are 72% of the budget for the fiscal year.
• Revenues and net transfers are more than expenditures by $7.6 million representing a net increase of
$.75 million or 11 % over the same period in the previous fiscal year.
2
Capital Funds
• The County Capital Funds revenues and other financing sources total $16 million compared
to expenditures of approximately $10.4 million. The main revenue and financing source are the
funds received for the installment financing proceeds received in July 2013 and January 2014
of this fiscal year. The majority of the current fiscal year expenditures related to construction
cost incurred for the Buckhorn Mebane Economic Development District and communication
system improvements for Emergency Services as part of the strategic plan.
The School Capital Funds revenues and other financing sources total $10.2 million compared
to expenditures total $10.5 million. The majority of the current fiscal year expenditures related
to construction cost incurred for Northside Elementary (CHCCS) and technology for both
school districts.
Solid Waste Fund
Total revenues and transfers for the Solid Waste Fund decreased $2.6 million over the same
period in the previous fiscal year to $7.6 million. Revenues and other financing sources and
uses lower due to the closure of the landfill as of June 30, 2013. Total revenues collected are
48% of the amended budget for the fiscal year.
Total expenses for the Solid Waste Fund decreased 12% over the same period in the previous
fiscal year to $8.5 million. Total expenditures are 42% of the budget for the fiscal year.
Revenues and transfers are greater than expenses by $897,031 compared to greater than
expenses by $3.3 million over the same period in the previous fiscal year due to the closure of
the Landfill.
Sportsplex Fund
• Total revenues for the Sportsplex Fund are approximately the same for the period in the
previous year. Total revenues are 64% of the amended budget for the fiscal year.
• Total expenditures for the Sportsplex Fund increased 7% over the same period in the previous
fiscal year to $3.3 million. Total expenses are 32% of the budget for the fiscal year.
• Revenues and net transfers are greater than expenses by $803,156, which is nominally the
same as the previous fiscal year.
ORANGE COUNTY
NORTH CAROLINA
Major Fund Financial Statement (Unaudited)
For the Year Ended June 30, 2014
ORANGE COUNTY, NORTH CAROLINA
MAJOR FUND FINANCIAL STATEMENT
FOR THE YEAR ENDED JUNE 30, 2014
TABLE OF CONTENTS
Balance Sheet - Major Governmental Funds
Statement of Revenues, Expenditures, and Changes
in Fund Balances - Major Governmental Funds
Statement of Revenues, Expenditures, and Changes
in Fund Balances - Budget and Actual- General Fund
Statement of Net Position - Proprietary Funds
Statement of Revenues, Expenses, and Changes in
Fund Net Position - Proprietary Funds
County Capital Improvements Fund -
Schedule of Revenues, Expenditures, and Changes
in Fund Balance - Budget and Actual
School Capital Improvements Fund -
Schedule of Revenues, Expenditures, and Changes
in Fund Balance - Budget and Actual
Exhibit
1
2
3
M
5
L
7
M
ORANGE COUNTY
NORTH OLWA
FINANCE AND ADMINISTRATIVE SERVICES
200 South Cameron Street Clarence G. Grier, CPA, CITP, CGMA Phone (919) 245 -2553
Post Office Box 8181 Assistant County Manager — CFO Fax (919) 644 -3324
Hillsborough, North Carolina
27278
Summary Information for Maior Funds as of June 30, 2014
The Major Fund of the County accounted for approximately 86 percent of the total annual revenues of the County. An
overview of financial status for each of the major funds is included in the financial statement and as follows:
General Fund
• Total revenues (revenues and transfers) for the General Fund are $194.6 million for an increase of $7.7 million or
4.1% over the same period in fiscal year 2012 -13. This revenue increase is mainly due to the timing, billing and
collection of Registered Motor Vehicles Ad Valorem Taxes. Total revenues collected are 86% of the amended
budget for the current fiscal year.
• Total expenditures (expenditures and transfers) for the General Fund are $188.5 million for an increase of $14.1
million or 7.7% over the same period in the previous year. General Fund Expenditures increased due increased
expenditures for Education and Debt Service. Total expenditures are 72% of the budget for the fiscal year.
• Revenues and net transfers are more than expenditures by $7.6 million representing a net increase of $.75 million
or 11% over the same period in the previous fiscal year.
Capital Funds
• The County Capital Funds revenues and other financing sources total $16 million compared to expenditures of
approximately $10.4 million. The main revenue and financing source are the funds received for the installment
financing proceeds received in July 2013 and January 2014 of this fiscal year. The majority of the current fiscal year
expenditures related to construction cost incurred for the Buckhorn Mebane Economic Development District and
communication system improvements for Emergency Services as part of the strategic plan.
• The School Capital Funds revenues and other financing sources total $10.2 million compared to expenditures total
$10.5 million. The majority of the current fiscal year expenditures related to construction cost incurred for
Northside Elementary (CHCCS) and technology for both school districts.
Solid Waste Fund
• Total revenues and transfers for the Solid Waste Fund decreased $2.6 million over the same period in the previous
fiscal year to $7.6 million. Revenues and other financing sources and uses lower due to the closure of the landfill
as of June 30, 2013. Total revenues collected are 48% of the amended budget for the fiscal year.
• Total expenses for the Solid Waste Fund decreased 12% over the same period in the previous fiscal year to $8.5
million. Total expenditures are 42% of the budget for the fiscal year.
• Revenues and transfers are greater than expenses by $897,031 compared to greater than expenses by $3.3 million
over the same period in the previous fiscal year due to the closure of the Landfill.
Sportsplex Fund
• Total revenues for the Sportsplex Fund are approximately the same for the period in the previous year. Total
revenues are 64% of the amended budget for the fiscal year.
• Total expenditures for the Sportsplex Fund increased 7% over the same period in the previous fiscal year to $3.3
million. Total expenses are 32% of the budget for the fiscal year.
• Revenues and net transfers are greater than expenses by $803,156, which is nominally the same as the previous
fiscal year.
1
6
Exhibit 1
ORANGE COUNTY, NORTH CAROLINA
BALANCE SHEET - MAJOR GOVERNMENTAL FUNDS (UNAUDITED)
June 30, 2014
Major Funds
Total
County
School
Major
Capital
Capital
Governmental
General
Improvements
Improvements
Funds
Assets:
Cash and investments
$
57,752,932
$
$
$ 57,752,932
Accounts receivable,
property taxes, net
3,859,917
3,859,917
Accounts receivable, federal
570,610
568,792
1,139,402
Accounts receivable, State
7,993,210
1,113,925
9,107,135
Accounts receivable, other
577,238
-
577,238
Inventories
29,243
29,243
Due from other funds
163,337
-
-
163,337
Restricted cash and investments
-
12,284,549
8,504,383
20,788,932
Total assets
$
70,946,487
$ 13,967,266
$ 8,504,383
$ 93,418,136
Liabilities, Deferred Inflows of
Resources, and Fund Balance:
Liabilities:
Accounts payable
$
2,571,918
$ 1,315,488
$ 1,390,186
$ 5,277,592
Accrued payroll and withholdings
2,466,597
-
-
2,466,597
Accrued liabilities
634,664
634,664
Due to other funds
-
-
-
-
Arbitrage payable
-
14,637
24,739
39,376
Total liabilities
5,673,179
1,330,125
1,414,925
8,418,229
Deferred Inflows of Resources:
Unavailable grant revenue
-
-
-
-
Property taxes receivable
2,756,836
2,756,836
Prepaid taxes
370,984
370,984
Total Deferred inflows of resources
3,127,820
3,127,820
Fund Balances:
Non - spendable:
Prepaid items
-
-
Inventories
29,243
-
29,243
Restricted for:
Stabilization for State statute
11,180,540
5,412,727
-
16,593,267
Restricted, all other
-
-
7,089,458
7,089,458
Committed
6,000,641
-
-
6,000,641
Assigned
10,068,343
7,224,414
17,292,757
Unassigned
34,866,721
-
34,866,721
Total fund balances
62,145,488
12,637,141
7,089,458
81,872,087
Total liabilities, deferred inflows of
resources, and fund balances
$
70,946,487
$ 13,967,266
$ 8,504,383
$ 93,418,136
7
Exhibit 2
ORANGE COUNTY, NORTH CAROLINA
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - MAJOR GOVERNMENTAL FUNDS (UNAUDITED)
FOR THE YEAR ENDED JUNE 30, 2014
Expenditures:
Current:
Governing and management
13,188,371
Major Funds
General services
Total
8,197,743
Community and environment
County
School
Major
34,923,563
34,923,563
Capital
Capital
Governmental
Public safety
General
Improvements
Improvements
Funds
Revenues:
Capital outlay
-
10,421,917 10,519,146 20,941,063
Debt service:
Property taxes
$ 143,162,640
$
$
$ 143,162,640
Sales tax
18,507,177
- 7,690,028
Total expenditures
18,507,177
Intergovernmental revenues
19,657,120
1,656,217
13,514,306
21,313,337
Charges for services
10,100,773
19,698
-
10,120,471
Investment earnings
80,139
13,241
2,608
95,988
Licenses and permits
313,000
-
-
313,000
Miscellaneous
2,730,914
-
2,730,914
Total revenues
194,551,763
1,689,156
2,608
196,243,527
Expenditures:
Current:
Governing and management
13,188,371
13,188,371
General services
8,197,743
8,197,743
Community and environment
6,700,321
6,700,321
Human services
34,923,563
34,923,563
Education
69,657,252
69,657,252
Public safety
20,364,551
20,364,551
Culture and recreation
2,520,785
- - 2,520,785
Capital outlay
-
10,421,917 10,519,146 20,941,063
Debt service:
-
Principal
17,794,843
- - 17,794,843
Interest and fees
7,690,028
- 7,690,028
Total expenditures
181,037,457
10,421,917 10,519,146 201,978,520
Revenues over (under) expenditures
13,514,306
(8,732,761) (10,516,538) (5,734,993)
Other Financing Sources (Uses):
Bond premium
Refunding bonds - - -
Installment loan issuances 13,627,405 4,971,676 18,599,081
Payment to escrow agent - - - -
Transfers in 1,558,800 697,400 5,268,980 7,525,180
Transfers out (7,502,908) - -
Total other financing sources (uses) (5,944,108) 14,324,805 10,240,656 26,124,261
Net change in fund balances 7,570,198 5,592,044 (275,882) 20,389,268
Fund Balances:
Beginning of year - July 1 54,575,290 7,045,097 7,365,340 78,792,212
Six Months Ended - December 31 $ 62,145,488 $ 12,637,141 $ 7,089,458 $ 99,181,480
ORANGE COUNTY, NORTH CAROLINA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL (UNAUDITED)
FOR THE YEAR ENDED JUNE 30, 2014
Revenues:
Property taxes
Sales tax
Intergovernmental revenues
Charges for services
Investment earnings
Licenses and permits
Miscellaneous
Total revenues
Expenditures:
Governing and management
General services
Community and environment
Human services
Education
Public safety
Cultural and recreational
Debt service:
Principal
Interest and fees
Total expenditures
Revenues over (under) expenditures
Other Financing Sources (Uses):
Capital lease issuance
Transfers in
Transfers out
Appropriated fund balance
Total other financing sources (uses)
Net change in fund balance
Fund Balance:
Beginning of year - July 1
Variance With
Budgeted Amounts Final Budget
Original Amended Actual Encumbrances Over /(Under) FY2012 -13
$ 139,733,522 $ 139,733,522 $ 143,162,640 $
17,190,148
17,190,148
18,507,177
13,703,850
20,534,923
19,657,120
9,654,843
9,717,556
10,100,773
105,000
105,000
80,139
313,000
313,000
313,000
796,718
848,515
2,730,914
181,497,081
188,442,664
194, 551,763
Exhibit 3
$ 3,429,118 $ 137,809,331
1,317,029 18,503,027
(877,803) 19,329,447
383,217 9,688,138
(24,861) 30,989
- 322,477
1,882,399 819,043
6,109,099 186,502,452
15,981,211
15,011,275
13,188,371
227,081
(1,822,904)
12,280,547
8,669,540
8,865,103
8,197,743
102,020
(667,360)
5,886,907
7,103,245
7,407,922
6,700,321
181,509
(707,601)
5,733,055
31,459,113
37,340,899
34,923,563
118,065
(2,417,336)
34,427,142
69,657,252
69,657,252
69,657,252
-
-
66,947,350
21,445,378
22,664,169
20,364,551
146,803
(2,299,618)
18,975,575
2,495,908
2,545,572
2,520,785
-
(24,787)
2,167,876
17,579,399
17,579,399
17,794,843
215,444
16,267,209
8,030,387
8,030,387
7,690,028
-
(340,359)
7,811,057
182,421,433
189,101,978
181,037,457
775,478
(8,064,521)
170,496,718
(924,352)
(659,314)
13,514,306
(775,478)
14,173,620
16,005,734
-
483,174
-
-
-
-
1,046,300
1,058,800
1,558,800
500,000
1,887,700
(5,312,066)
(10,502,908)
(7,502,908)
3,000,000
(11,073,333)
5,190,118
9,620,248
(9,620,248)
924,352
659,314
(5,944,108)
(6,120,248)
(9,185,633)
$ -
$ -
7,570,198
$ (775,478)
$ 8,053,372
$ 6,820,101
54,575,290
Year Ended - June 30, $ 62,145,488
A
Exhibit 4
ORANGE COUNTY, NORTH CAROLINA
MAJOR PROPRIETARY FUNDS
STATEMENT OF NET POSITION - UNAUDITED
March 31, 2014
Total
Major
Major
Solid Waste
SportsPlex
Proprietary
Fund
Fund
Funds
Assets:
Current assets:
Cash and cash equivalents
$ 16,157,724
$ 1,053,462
$ 17,211,186
Accounts receivable, other
100,668
131,353
232,021
Prepaid expenses
-
-
-
Total current assets
16,258,392
1,184,815
17,443,207
Non - current assets:
Non - depreciable assets
5,399,347
795,466
6,194,813
Capital assets, net of depreciation
2,509,402
6,074,853
8,584,255
Total non - current assets
7,908,749
6,870,319
14,779,068
Total assets
24,167,141
8,055,134
32,222,275
Liabilities and Net Position:
Liabilities:
Current liabilities:
Accounts payable
2,532,644
128,220
2,660,864
Payroll withholdings
174,524
20,812
195,336
Accrued liabilities
25,627
-
25,627
Accrued interest
44,157
31,084
75,241
Prepaid fees
-
169,750
169,750
Current portion of long -term debt
558,395
372,682
931,077
Compensated absences, current portion
195,191
-
195,191
Total current liabilities
3,530,538
722,549
4,253,087
Non - current liabilities:
Compensated absences
122,510
-
122,510
Post - closing liability
10,123,703
-
10,123,703
OPEB liability
1,549,889
-
1,549,889
Long -term debt
3,736,383
4,068,817
7,805,200
Total non - current liabilities
15,532,485
4,068,817
19,601,302
Total liabilities
19,063,023
4,791,366
23,854,389
Net Position:
Net investment in capital assets
3,613,971
2,428,820
6,042,791
Unrestricted
1,490,147
834,948
2,325,095
Total net position
$ 5,104,118
$ 3,263,768
$ 8,367,886
10
Exhibit 5
ORANGE COUNTY, NORTH CAROLINA
STATEMENT OF REVENUES, EXPENSES, AND CHANGES
IN FUND NET POSITION - MAJOR PROPRIETARY FUNDS (UNAUDITED)
FOR THE YEAR ENDED JUNE 30, 2014
Operating Revenues:
Landfill fees
Service fees
Other
Total operating revenues
Operating Expenses:
Landfill
General and administrative
Recycling
Sanitation
Sportsplex
Total operating expenses
Operating income (loss)
Non - Operating Revenues (Expenses):
Investment earnings
Interest and fees
Contribution to other agency
Grant - State
Total non - operating revenues (expenses)
Income (loss) before contributions
and transfers
Transfers in
Change in net position
Net Position:
Beginning of year - July 1
Total
Major Major
Solid Waste SportsPlex Proprietary
$ 5,628,016 $ - $ 5,628,016
- 3,191,866 3,191,866
142,505 - 142,505
5,770,521 3,191,866 8,962,387
728,265
- 728,265
1,470,344
- 1,470,344
4,029,380
- 4,029,380
2,027,012
- 2,027,012
-
2,931,366 2,931,366
8,255,001
2,931,366 11,186,367
(2,484,480) 260,500 (2,223,980)
2,939
- 2,939
(197,204)
(215,794) (412,998)
379,592
- 379,592
185,327
(215,794) (30,467)
(2,299,153) 44,706 (2,254,447)
1,402,122 758,450 2,160,572
(897,031) 803,156 (93,875)
6,001,149 2,460,612 8,461,761
Year Ended - June 30, $ 5,104,118 $ 3,263,768 $ 8,367,886
11
Attachment 6
Page 8 of 11
ORANGE COUNTY, NORTH CAROLINA
COUNTY CAPITAL IMPROVEMENTS FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL (UNAUDITED)
FROM INCEPTION AND FOR THE YEAR MONTHS ENDED JUNE 30, 2014
Expenditures:
New Hope Creek Preserve
216,250
18,750
Actual
94,427
Jail
Budget
Reported in
Current
Total
Justice facility and new courthouse
to Date
Prior Years
Year
to Date
Revenues:
-
218,797
-
218,797
Federal grants
$ 5,888,842
$ 4,990,660 $
1,641,217 $
6,631,877
State grants
6,161,633
5,235,521
15,000
5,250,521
Investment earnings
2,624,400
3,338,388
13,241
3,351,629
Other
1,547,665
3,406,775
19,698
3,426,473
Total revenues
16,222,540
16,971,344
1,689,156
18,660,500
Expenditures:
New Hope Creek Preserve
216,250
18,750
75,677
94,427
Jail
1,375,000
256,567
-
256,567
Justice facility and new courthouse
12,229,073
12,326,996
12,326,996
New courthouse
-
218,797
-
218,797
Northern Human Services Center
714,545
363,931
31,125
395,056
Senior Center - Central Orange
6,460,533
6,147,769
-
6,147,769
Robert and Pearl Seymour Center
70,000
-
-
Southern Human Services Center
280,000
-
-
-
Whitted Human Services Center
1,792,200
2,800
847,265
850,065
Animal services facility
9,168,864
9,157,734
10,615
9,168,349
EMS relocation and meadowlands annex
3,569,214
3,552,307
17,752
3,570,059
County campus, office building, and library
26,899,000
26,890,736
-
26,890,736
County other
-
1,449,460
1,449,460
Blackwood Farm
2,437,435
2,279,170
2,279,170
Cedar Grove Park
1,848,000
1,847,999
1,847,999
Twin Creeks Park
2,579,457
844,937
844,937
Fairview Park
1,615,023
1,606,218
-
1,606,218
Conservation easement
1,733,208
1,705,824
175,858
1,881,682
Homestead Aquatics
-
83,346
-
83,346
Lands Legacy
1,630,909
111,290
1,495
112,785
Parkland and recreation facilities
103,530
175,011
-
175,011
Seven Mile Creek Preserve
151,000
145,689
145,689
Southern Park
-
38,196
38,196
SportsPlex Maintenance Reserve
100,000
-
-
West Ten soccer complex
4,054,128
4,054,616
-
4,054,616
Central recreation repairs
416,980
412,323
2,118
414,441
Millhouse Road Park
264,802
258,712
-
258,712
Blackwood Farm Park
50,000
-
-
-
Joint Artificial Turf Soccer
623,000
623,000
623,000
Parks & Recreation Facility Renovations
55,000
-
-
-
Roofing projects
1,498,100
1,142,904
162,582
1,305,486
Affordable housing
2,808,804
2,036,344
114,053
2,150,397
Information technology
4,817,757
3,855,925
444,709
4,300,634
Register of Deeds' automation enhancement
500,450
246,701
14,384
261,085
Medicaid maximization
3,899,142
1,908,365
86,942
1,995,307
Loan Pool Reserve
275,000
200,000
-
200,000
Efland Sewer extension
1,798,240
111,251
-
111,251
HVACprojects
2,261,423
774,854
1,355,772
2,130,626
ADA compliance
16,058
16,058
-
16,058
Utilities demand reduction systems
130,000
106,055
-
106,055
Upfit of County Space - Link Center
1,752,662
1,302,023
14,790
1,316,813
Telephone system replacement
575,000
562,748
-
562,748
12
Attachment 6
Page 9 of 11
ORANGE COUNTY, NORTH CAROLINA
COUNTY CAPITAL IMPROVEMENTS FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL (UNAUDITED)
FROM INCEPTION AND FOR THE YEAR MONTHS ENDED JUNE 30, 2014
Other Financing Sources (Uses):
Bond issuance costs
9,015,794
2,502,871
Actual
2,502,871
Refunding bonds
Budget
Reported in
Current
Total
Bond premium
to Date
Prior Years
Year
to Date
Hillsborough Commons
3,790,000
3,780,709
13,627,405
3,780,709
Board of Elections office
97,000
34,750
-
34,750
Piedmont Food and Agriculture Processing
1,494,825
1,425,285
-
1,425,285
Eno EDD
200,000
-
697,400
-
800 MHz Radios
700,000
473,436
-
473,436
Dental equipment
100,000
74,190
10,704
84,894
Buckhorn EDD Phase 2
4,452,046
619,861
3,883,040
4,502,901
Payroll Software System
329,861
311,100
-
311,100
129 East King Street
145,000
109,991
-
109,991
Central Efland Buckhorn Sewer
4,848,400
3,569,274
110,796
3,680,070
McGowan Creek Outfall
1,219,579
7,740
630,737
638,477
Energy Bank
50,000
-
41,220
41,220
Viper Radio System
543,750
-
-
-
Communication System Improvements
1,692,607
744,261
974,417
1,718,678
Lake Orange Capital Maintenance
346,300
189,647
-
189,647
Observation Well Network
11,300
11,297
-
11,297
Jail New Campus
250,000
3,419
56,023
59,442
Historic Rogers Road Community Center
727,400
-
179,932
179,932
Future EMS Stations
50,000
-
6,314
6,314
Southern Orange Campus (Future)
300,000
103,009
152,602
255,611
Southwest Branch Library
700,000
56,576
31,923
88,499
Efland Sewer to Mebane
348,200
-
123,500
123,500
Unallocated
200,000
-
-
0
Issuance costs and fees
1,566,376
948,611
242,572
1,191,183
Total expenditures
124,932,431
98,675,562
10,421,917
109,097,479
Revenues over (under) expenditures
(108,709,891)
(81,704,218)
(8,732,761)
(90,436,979)
Other Financing Sources (Uses):
Bond issuance costs
9,015,794
2,502,871
2,502,871
Refunding bonds
20,000,000
132,448,500
132,448,500
Bond premium
2,000,000
17,638,520
-
17,638,520
Installment loan issuance
77,372,643
59,567,506
13,627,405
73,194,911
Capital lease issuance
-
2,540,999
-
2,540,999
Payment to escrow agent
(20,603,624)
(141,736,447)
-
(141,736,447)
Transfers in
23,308,141
19,211,630
697,400
19,909,030
Transfers out
(3,730,000)
(3,424,264)
-
(3,424,264)
Appropriated fund balance
1,346,937
-
-
Total other financing sources (uses)
108,709,891
88,749,315
14,324,805
103,074,120
Net change in fund balance
$ - $
7,045,097
5,592,044 $
12,637,141
Fund Balance:
Beginning of year - July 1 7,045,097
Six Months Ended - December 31, $ 12,637,141
13
Attachment 7
ORANGE COUNTY, NORTH CAROLINA Page 10 of 11
SCHOOL CAPITAL IMPROVEMENTS FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL (UNAUDITED)
FROM INCEPTION AND FOR THE YEAR MONTHS ENDED JUNE 30, 2014
Expenditures:
Orange County Schools:
A.L. Stanback Middle School
12,000
-
Actual
-
Cameron Park Elementary
Budget
Reported in
Current
Total
Efland Cheeks Elementary
to Date
Prior Years
Year
to Date
Revenues:
54,040
54,023
-
54,023
Investment earnings
$ 60,000
$ 628,042
$ 2,608 $
630,650
Sales tax
180,000
87,597
-
87,597
Lottery proceeds
2,892,139
2,959,057
75,150
2,959,057
Other
-
33,759
-
33,759
Total revenues
3,132,139
3,708,455
2,608
3,711,063
Expenditures:
Orange County Schools:
A.L. Stanback Middle School
12,000
-
-
Cameron Park Elementary
525,634
524,922
-
524,922
Efland Cheeks Elementary
423,449
389,814
9,138
398,952
Grady Brown Elementary
54,040
54,023
-
54,023
Hillsborough Elementary
362,899
241,878
25,553
267,431
New Hope Elementary renovations
325,000
242,740
2,860
245,600
Stanford Middle School
688,065
424,227
75,150
499,377
Orange High School
558,767
554,381
-
554,381
Orange High Track repairs
495,634
495,634
-
495,634
Alternative School
361,720
302,111
4,932
307,043
Indoor air quality
15,000
-
-
-
Central elementary air
174,900
138,601
3,662
142,263
Classroom improvements
3,394,886
2,931,227
299,549
3,230,776
Electrical systems
290,000
170,685
-
170,685
Window replacements
573,567
228,131
1,975
230,106
Athletic Facilities
456,936
-
192,183
192,183
Kitchen renovations project
27,785
-
-
-
Mechanical systems
15,000
14,196
5,116
19,312
Paving / parking lot improvements
88,281
-
80,000
80,000
Electrical service upgrades
33,000
-
-
Planning for future projects
300,000
-
-
-
Roofing projects
1,725,000
1,600,001
403,940
2,003,941
Technology plan
2,222,668
1,677,721
671,643
2,349,364
HVAC upgrade /improvements
1,493,961
741,652
698,699
1,440,351
District -wide improvements
247,745
231,154
875
232,029
Bathroom renovations
180,532
83,682
4,777
88,459
Fire /safety upgrades
333,569
263,224
4,367
267,591
Total Orange County Schools
15,380,038
11,310,004
2,484,419
13,794,423
14
Attachment 7
ORANGE COUNTY, NORTH CAROLINA Page 11 of 11
SCHOOL CAPITAL IMPROVEMENTS FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL (UNAUDITED)
FROM INCEPTION AND FOR THE YEAR MONTHS ENDED JUNE 30, 2014
Other Financing Sources (Uses):
Bonds issuance
14,170,874
14,170,873
Actual
14,170,873
Installment loan insurance
Budget
Reported in
Current
Total
Transfers in
to Date
Prior Years
Year
to Date
Chapel Hill Carrboro Schools:
47,745
-
-
Elementary #11
23,137,196
20,359,848
2,584,515
22,944,363
Morris Grove Elementary
40,000
38,911
-
38,911
Transportation Center
309,500
289,540
289,540
Carrboro High School
75,000
75,000
75,000
Carrboro Arts Wing
4,048,028
4,048,027
-
4,048,027
Abatement projects
435,576
292,000
38,942
330,942
ADA requirements
200,505
141,371
13,132
154,503
ATH facilities /playgrounds
590,000
590,000
219,247
809,247
Emergency efficiency renovations
350,000
-
84,060
84,060
Classroom /academic improvements
785,682
744,553
262,611
1,007,164
Doors, hardware, canopies
158,000
87,610
15,681
103,291
Electrical systems
489,740
427,192
145,454
572,646
Fire, safety, and security
480,000
396,066
153,632
549,698
Indoor air quality
501,340
454,087
28,875
482,962
Mechanical systems
1,749,570
1,637,451
390,221
2,027,672
Mobile classrooms
497,696
458,702
134,241
592,943
Parking lot improvements
320,000
267,913
18,390
286,303
Planning for future projects
450,000
444,575
5,425
450,000
Roofing projects
5,360,009
5,301,880
18,365
5,320,245
Bathroom renovations
193,406
193,406
-
193,406
Technology
7,168,590
5,586,045
1,582,157
7,168,202
Window replacements
353,658
327,484
-
327,484
Culbreth Science Wing
5,571,676
-
2,339,779
2,339,779
Total Chapel Hill Carrboro Schools
53,265,172
42,161,661
8,034,727
50,196,388
Other expenditures
60,000
43,215
-
43,215
Total expenditures
68,705,210
53,514,880
10,519,146
64,034,026
Revenues over (under) expenditures
(65,573,071)
(49,806,425)
10,521,754
67,745,089
Other Financing Sources (Uses):
Bonds issuance
14,170,874
14,170,873
-
14,170,873
Installment loan insurance
38,071,676
32,426,288
4,971,676
37,397,964
Transfers in
13,282,776
10,574,604
5,268,980
15,843,584
Appropriated fund balance
47,745
-
-
Total other financing sources (uses)
65,573,071
57,171,765
10,240,656
67,412,421
Net change in fund balance
$ $
7,365,340
(275,882) $
7,089,458
Fund Balance:
Beginning of year - July 1 7,365,340
Six Months Ended - December 31, $ 7,089,458