HomeMy WebLinkAboutAgenda - 01-22-2015-13 (5)INFORMATION ITEM
ORANGE COUNTY
NORTH CAROLINA
FINANCE AND ADMINISTRA TIVE SER VICES
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: January 15, 2015
Re: Major Fund Financial Statement for the Quarter Ended September 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 quarter ended September 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 $23.8 million for an increase
of $3.13 million or 15% over the same period in fiscal year 2013 -14. This revenue increase is
mainly due to the timing, billing and collection of Ad Valorem Taxes and Intergovernmental
Revenues. Total revenues collected are 12% of the amended budget for the current fiscal year.
• Total expenditures (expenditures and transfers) for the General Fund are $49.2 million for an
increase of $3.46 million or 8% over the same period in the previous year. General Fund
Expenditures increased due increased expenditures for Human Services and Education. Total
expenditures are 24.3% of the budget for the fiscal year.
• Revenues and net transfers are less than expenditures by $25.5 million representing a nominal
decrease over the same period in the previous fiscal year.
2
Capital Funds
• The County Capital Funds revenues and other financing sources total $6,116 compared to
expenditures of approximately $2.9 million for the quarter ended September 30, 2014. The majority
of the current fiscal year expenditures related to construction cost incurred for the Whitted Building
Meeting Room, Information Technology, the McGowan Creek Outfall, Economic Development
Infrastructure projects, and communication system improvements for Emergency Services as part of
the strategic plan.
• The School Capital Funds expenditures total $1.1 million. The majority of the current fiscal year
expenditures related to cost incurred for capital projects for the Chapel Hill — Carrboro City School
District for the quarter.
Solid Waste Fund
• Revenues and transfers for the Solid Waste Fund totaled $1.43 million for the quarter ended
September 30, 2014. Revenues and other financing sources and uses lower due to the closure of
the landfill as of June 30, 2013. Total revenues collected are 11% of the amended budget for the
fiscal year.
• Expenses for the Solid Waste Fund totaled $2.8 million for the quarter ended September 30,
2014.Total expenses are 25% of the budget for the fiscal year.
• Revenues and transfers are less than expenses by $1.4 million for the quarter ended September 30,
2014.
Sportsplex Fund
• Revenues for the Sportsplex Fund totaled $777,000 for the quarter ended September 30, 2014.
Total revenues are 16% of the amended budget for the fiscal year.
• Expenses for the Sportsplex Fund totaled $856,622 for the quarter ended September 30, 2014. Total
expenses are 23% of the budget for the fiscal year.
• Revenues and net transfers are less than expenses by $79,660, which is nominally the same as the
previous fiscal year.
ORANGE COUNTY
NORTH CAROLINA
Major Fund Financial Statement (Unaudited)
For the Quarter Ended September 30, 2014
ORANGE COUNTY
NORTH CAROLINA
ORANGE COUNTY, NORTH CAROLINA
MAJOR FUND FINANCIAL STATEMENT
FOR THE SIX MONTHS ENDED DECEMBER 31, 2013
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
2
3
4
5
0
7
ORANGE COUNTY
NORTH CAROLINA
7
ORANGE COUNTY
NORTH CAROLINA
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 for the Quarter Ended as of September 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 $23.8 million for an increase of $3.13 million or
15% over the same period in fiscal year 2013 -14. This revenue increase is mainly due to the timing, billing and
collection of Ad Valorem Taxes and Intergovernmental Revenues. Total revenues collected are 12% of the amended
budget for the current fiscal year.
• Total expenditures (expenditures and transfers) for the General Fund are $49.2 million for an increase of $3.46
million or 8% over the same period in the previous year. General Fund Expenditures increased due increased
expenditures for Human Services and Education. Total expenditures are 24.3% of the budget for the fiscal year.
• Revenues and net transfers are less than expenditures by $25.5 million representing a nominal decrease over the
same period in the previous fiscal year.
Capital Funds
• The County Capital Funds revenues and other financing sources total $6,116 compared to expenditures of
approximately $2.9 million for the quarter ended September 30, 2014. The majority of the current fiscal year
expenditures related to construction cost incurred for the Whitted Building Meeting Room, Information
Technology, the McGowan Creek Cutfall, Economic Development Infrastructure projects, and communication
system improvements for Emergency Services as part of the strategic plan.
• The School Capital Funds expenditures total $1.1 million. The majority of the current fiscal year expenditures
related to cost incurred for capital projects for the Chapel Hill — Carrboro City School District for the quarter.
Solid Waste Fund
• Revenues and transfers for the Solid Waste Fund totaled $1.43 million for the quarter ended September 30, 2014.
Revenues and other financing sources and uses lower due to the closure of the landfill as of June 30, 2013. Total
revenues collected are 11% of the amended budget for the fiscal year.
• Expenses for the Solid Waste Fund totaled $2.8 million for the quarter ended September 30, 2014.Total expenses
are 25% of the budget for the fiscal year.
• Revenues and transfers are less than expenses by $1.4 million for the quarter ended September 30, 2014.
Sportsplex Fund
• Revenues for the Sportsplex Fund totaled $777,000 for the quarter ended September 30, 2014. Total revenues are
16% of the amended budget for the fiscal year.
• Expenses for the Sportsplex Fund totaled $856,622 for the quarter ended September 30, 2014. Total expenses are
23% of the budget for the fiscal year.
• Revenues and net transfers are less than expenses by $79,660.
1
ORANGE COUNTY
NORTH CAROLINA
ORANGE COUNTY, NORTH CAROLINA
BALANCE SHEET - MAJOR GOVERNMENTAL FUNDS (UNAUDITED)
September 30, 2014
Assets:
Cash and investments
Accounts receivable,
property taxes, net
Accounts receivable, federal
Accounts receivable, State
Accounts receivable, other
Inventories
Due from other funds
Restricted cash and investments
Total assets
Liabilities, Deferred Inflows of
Resources, and Fund Balance:
Liabilities:
Accounts payable
Accrued payroll and withholdings
Accrued liabilities
Due to other funds
Arbitrage payable
Total liabilities
$ 151,193,854 $ 9,867,381 $ 5,983,381 $ 167,044,616
$ 1,143,198 $
518,833
282,127
495,332
2,439,490
88,762 $ $ 1,231,960
34 518,867
- 282,127
- 495,332
14,637 24,739 39,376
103,433 24,739 2,567,662
Deferred Inflows of Resources:
Unavailable grant revenue 466,925 466,925
Property taxes receivable 119,179,557 119,179,557
Prepaid taxes - -
Total Deferred inflows of resources 119,646,482 119,646,482
Fund Balances:
Non - spendable:
Prepaid items
Inventories
Restricted for:
Stabilization for State statute
Restricted, all other
Committed
Assigned
Unassigned
Total fund balances
Total liabilities, deferred inflows of
resources, and fund balances
29,242 29,242
9,763,948 5,958,642 15,722,590
10,068,343 10,068,343
19,010,297 19,010,297
29,107,882 9,763,948 5,958,642 44,830,472
$ 151,193,854 $ 9,867,381 $ 5,983,381 $ 167,044,616
9
Exhibit 1
Major Funds
Total
County
School
Major
Capital
Capital
Governmental
General
Improvements
Improvements
Funds
$ 30,472,258
$
$
$ 30,472,258
119,179,557
119,179,557
1,349,460
1,349,460
29,242
29,242
163,337
163,337
-
9,867,381
5,983,381
15,850,762
$ 151,193,854 $ 9,867,381 $ 5,983,381 $ 167,044,616
$ 1,143,198 $
518,833
282,127
495,332
2,439,490
88,762 $ $ 1,231,960
34 518,867
- 282,127
- 495,332
14,637 24,739 39,376
103,433 24,739 2,567,662
Deferred Inflows of Resources:
Unavailable grant revenue 466,925 466,925
Property taxes receivable 119,179,557 119,179,557
Prepaid taxes - -
Total Deferred inflows of resources 119,646,482 119,646,482
Fund Balances:
Non - spendable:
Prepaid items
Inventories
Restricted for:
Stabilization for State statute
Restricted, all other
Committed
Assigned
Unassigned
Total fund balances
Total liabilities, deferred inflows of
resources, and fund balances
29,242 29,242
9,763,948 5,958,642 15,722,590
10,068,343 10,068,343
19,010,297 19,010,297
29,107,882 9,763,948 5,958,642 44,830,472
$ 151,193,854 $ 9,867,381 $ 5,983,381 $ 167,044,616
9
Exhibit 1
10
Exhibit 2
ORANGE COUNTY, NORTH CAROLINA
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES - MAJOR GOVERNMENTAL FUNDS (UNAUDITED)
FOR QUARTER ENDED SEPTEMBER 30, 2014
Expenditures:
Current:
Governing and management
4,092,920 -
Major Funds
Total
2,405,782 -
- 2,405,782
County School
Major
- 1,732,648
Human services
Capital Capital
Governmental
Education
General
Improvements Improvements
Funds
Revenues:
- 4,686,409
Culture and recreation
779,639 -
Property taxes
$ 17,914,968
$ - $ -
$ 17,914,968
Sales tax
-
- -
-
Intergovernmental revenues
3,462,090
- -
3,462,090
Charges for services
2,130,009
5,321 -
2,135,330
Investment earnings
-
795 -
795
Licenses and permits
342
- -
342
Miscellaneous
243,773
- -
243,773
Total revenues
23,751,182
6,116 -
23,757,298
Expenditures:
Current:
Governing and management
4,092,920 -
- 4,092,920
General services
2,405,782 -
- 2,405,782
Community and environment
1,732,648 -
- 1,732,648
Human services
8,296,214 -
- 8,296,214
Education
18,964,854 -
- 18,964,854
Public safety
4,686,409 -
- 4,686,409
Culture and recreation
779,639 -
- 779,639
Capital outlay
- 2,879,310
1,130,816 4,010,126
Debt service:
-
Principal
5,344,807 -
- 5,344,807
Interest and fees
2,915,317 -
- 2,915,317
Total expenditures
49,218,590 2,879,310
1,130,816 53,228,716
Revenues over (under) expenditures
(25,467,408) (2,873,194)
(1,130,816) (29,471,418)
Other Financing Sources (Uses):
Bond premium - - - -
Ref ending bonds - - - -
Installment loan issuances - - - -
Payment to escrow agent - - - -
Transfers in - - - -
Transfers out - - - -
Total other financing sources (uses) - - - -
Net change in fund balances (25,467,408) (2,873,194) (1,130,816) (29,471,418)
Fund Balances:
Beginning of year - July 1 54,575,290 12,637,142 7,089,458 74,301,890
Six Months Ended - December 31 $ 29,107,882 $ 9,763,948 $ 5,958,642 $ 44,830,472
ORANGE COUNTY, NORTH CAROLINA
GENERAL FUND
STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCE - BUDGET AND ACTUAL (UNAUDITED)
FOR QUARTER ENDED SEPTEMBER 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
11
Exhibit 3
$ - $ - (25,467,408) $
54,575,290
Year Ended - September 30, $ 29,107,882
$ (25,467,408) $ (25,911,376)
Variance With
Budgeted Amounts
Final Budget
Original
Amended
Actual Encumbrances
Over /(Under)
FY2012 -13
$ 145,714,650
$ 145,714,650
$ 17,914,968 $
$ (127,799,682)
$ 16,238,250
19,001,962
19,001,962
-
(19,001,962)
-
13,575,486
15,277,961
3,462,090
(11,815,871)
2,123,503
9,799,005
9,866,868
2,130,009
(7,736,859)
1,965,151
105,000
105,000
-
(105,000)
-
313,000
313,000
342
(312,658)
365
798,065
905,589
243,773
(661,816)
277,099
189,307,168
191,185,030
23,751,182
(167,433,848)
20,604,368
17,799,803
17,799,803
4,092,920
(13,706,883)
4,438,025
9,584,775
9,584,775
2,405,782
(7,178,993)
2,133,999
7,767,939
7,767,939
1,732,648
(6,035,291)
1,595,974
31,313,209
32,972,474
8,296,214
(24,676,260)
7,604,838
76,847,414
76,847,414
18,964,854
(57,882,560)
17,167,313
22,528,910
22,528,910
4,686,409
(17,842,501)
4,498,583
2,697,066
2,697,066
779,639
(1,917,427)
572,910
19,217,295
19,217,295
5,344,807
(13,872,488)
5,390,578
7,312,011
7,312,011
2,915,317
(4,396,694)
2,740,235
195,068,422
196,727,687
49,218,590
(147,509,097)
46,142,455
(5,761,254)
(5,542,657)
(25,467,408)
(19,924,751)
(25,538,087)
1,052,600
1,052,600
(1,052,600)
12,500
(5,359,689)
(5,578,286)
5,578,286
(385,789)
10,068,343
10,068,343
(10,068,343)
-
5,761,254
5,542,657
(5,542,657)
(373,289)
$ - $ - (25,467,408) $
54,575,290
Year Ended - September 30, $ 29,107,882
$ (25,467,408) $ (25,911,376)
12
Exhibit 4
ORANGE COUNTY, NORTH CAROLINA
MAJOR PROPRIETARY FUNDS
STATEMENT OF NET POSITION - UNAUDITED
September 30, 2014
Non - current liabilities
Compensated absences
127,080
-
Total
Post - closing liability
Major
Major
13,123,703
Solid Waste
SportsPlex
Proprietary
1,527,620
Fund
Fund
Funds
Assets:
Total non - current liabilities
18,756,193
3,796,980
Current assets:
Total liabilities
19,127,414
4,315,881
Cash and cash equivalents
$ 11,147,050
$ 509,685
$ 11,656,735
Accounts receivable, other
38,768
131,353
170,121
Prepaid expenses
-
-
-
Total current assets
11,185,818
641,038
11,826,856
3,917,330
Non - current assets:
Non - depreciable assets
1,442,890
794,466
2,237,356
Capital assets, net of depreciation
7,220,560
6,075,853
13,296,413
Total non - current assets
8,663,450
6,870,319
15,533,769
Total assets
19,849,268
7,511,357
27,360,625
Liabilities and Net Position:
Liabilities:
Current liabilities:
Accounts payable
54,853
33,705
88,558
Payroll withholdings
55,723
20,812
76,535
Accrued liabilities
25,867
-
25,867
Accrued interest
44,157
31,084
75,241
Prepaid fees
-
169,750
169,750
Current portion of long -term debt
-
263,550
263,550
Compensated absences, current portion
190,621
-
190,621
Total current liabilities
371,221
518,901
890,122
Non - current liabilities
Compensated absences
127,080
-
127,080
Post - closing liability
13,123,703
-
13,123,703
OPEB liability
1,527,620
-
1,527,620
Long -term debt
3,977,790
3,796,980
7,774,770
Total non - current liabilities
18,756,193
3,796,980
22,553,173
Total liabilities
19,127,414
4,315,881
23,443,295
Net Position:
Net investment in capital assets
4,685,660
2,809,789
7,495,449
Unrestricted
(3,963,806)
385,687
(3,578,119)
Total net position
$ 721,854 $
3,195,476 $
3,917,330
13
Exhibit 5
ORANGE COUNTY, NORTH CAROLINA
STATEMENT OF REVENUES, EXPENSES, AND CHANGES
IN FUND NET POSITION - MAJOR PROPRIETARY FUNDS (UNAUDITED)
FOR QUARTER ENDED SEPTEMBER 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
r,___A r,___A r,___a-
$ 936,470 $ - $ 936,470
- 776,962 776,962
1,922 - 1,922
938,392 776,962 1,715,354
1,969,761 - 1,969,761
772,537 - 772,537
- 723,616 723,616
2,742,298 723,616 3,465,914
(1,803,906) 53,346 (1,750,560)
435
- 435
(96,082)
(133,006) (229,088)
30,878
- 30,878
(64,769)
(133,006) (197,775)
(1,868,675) (79,660) (1,948,335)
464,136 - 464,136
(1,404,539) (79,660) (1,484,199)
2,126,393 3,275,136 5,401,529
Quarter Ended - September 30, $ 721,854 $ 3,195,476 $ 3,917,330
14
Exhibit 6
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 QUARTER ENDED SEPTEMBER 30, 2014
Expenditures:
New Hope Creek Preserve 2
216,250 9
94,427 3
Actual
97,627
Budget
Reported in
Current Total
- 2
to Date
Prior Years
Year to Date
Revenues:
12,326,996
New courthouse -
Federal grants
$ 5,888,842
$ 6,646,877 $
$ 6,646,877
State grants
6,161,633
5,235,521
5,235,521
Investment earnings
2,624,400
3,351,629
795 3,352,424
Other
1,547,665
3,476,474
5,321 3,481,795
Total revenues
16,222,540
18,710,501
6,116 18,716,617
Expenditures:
New Hope Creek Preserve 2
216,250 9
94,427 3
3,200 9
97,627
Jail 1
1,375,000 2
256,567 -
- 2
256,567
Justice facility and new courthouse 1
12,229,073 1
12,326,996 1
12,326,996
New courthouse -
- 2
218,797 -
- 2
218,797
Northern Human Services Center 7
714,545 3
395,056 7
79,088 4
474,144
Senior Center - Central Orange 6
6,460,533 6
6,147,769 -
- 6
6,147,769
Robert and Pearl Seymour Center 7
70,000 -
- -
- -
-
Southern Human Services Center 2
280,000 -
- 3
38,330 3
38,330
Whiffed Human Services Center 1
1,792,200 8
850,065 5
557,434 1
1,407,499
Animal services facility 9
9,168,864 9
9,168,349 -
- 9
9,168,349
EMS relocation and meadowlands annex 3
3,569,214 3
3,570,059 8
85,968 3
3,656,027
County campus, office building, and library 2
26,899,000 2
26,890,736 -
- 2
26,890,736
County other -
- 1
1,449,460 1
117 1
1,449,577
Blackwood Farm 2
2,437,435 2
2,279,170 9
911 2
2,280,081
Cedar Grove Park 1
1,848,000 1
1,847,999 -
- 1
1,847,999
Twin Creeks Park 2
2,579,457 8
844,937 8
844,937
Fairview Park 1
1,615,023 1
1,606,218 -
- 1
1,606,218
Conservation easement 1
1,733,208 1
1,881,682 2
21,454 1
1,903,136
Homestead Aquatics -
- 8
83,346 -
- 8
83,346
Lands Legacy 1
1,630,909 1
112,785 -
- 1
112,785
Parkland and recreation facilities 1
103,530 1
175,011 6
63,605 2
238,616
Seven Mile Creek Preserve 1
151,000 1
145,689 -
- 1
145,689
Southern Park -
- 3
38,196 3
38,196
SportsPlex Maintenance Reserve 1
100,000 -
- -
- -
-
West Ten soccer complex 4
4,054,128 4
4,054,616 3
39,138 4
4,093,754
Central recreation repairs 4
416,980 4
414,441 -
- 4
414,441
Millhouse Road Park 2
264,802 2
258,712 2
258,712
Blackwood Farm Park 5
50,000 -
- -
-
Joint Artificial Turf Soccer 6
623,000 6
623,000 6
623,000
Parks & Recreation Facility Renovations 5
55,000 -
- -
-
15
Exhibit 6
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 QUARTER ENDED SEPTEMBER 30, 2014
Other Financing Sources (Uses):
Bond issuance costs
9,015,794
2,502,871
Actual
Refunding bonds
20,000,000
Budget
Reported in
Current
Total
17,638,520
to Date
Prior Years
Year
to Date
Hillsborough Commons
3,790,000
3,780,709
2,540,999
3,780,709
Board of Elections office
97,000
34,750
(141,736,447)
34,750
Piedmont Food and Agriculture Processing
1,494,825
1,425,285
Transfers out
1,425,285
Eno EDD
200,000
-
1,346,937
-
800 MHz Radios
700,000
473,436
103,074,120
473,436
Dental equipment
100,000
84,894
-
84,894
Buckhorn EDD Phase 2
4,452,046
4,502,901
41,892
4,544,793
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
3,680,070
-
3,680,070
McGowan Creek Outfall
1,219,579
638,477
529,476
1,167,953
Energy Bank
50,000
41,220
-
41,220
Viper Radio System
543,750
-
-
-
Communication System Improvements
1,692,607
1,718,678
205,462
1,924,140
Lake Orange Capital Maintenance
346,300
189,647
-
189,647
Observation Well Network
11,300
11,297
-
11,297
Jail New Campus
250,000
59,442
3,500
62,942
Historic Rogers Road Community Center
727,400
179,932
136,892
316,824
Future EMS Stations
50,000
6,314
-
6,314
Southern Orange Campus (Future)
300,000
255,611
8,363
263,974
Southwest Branch Library
700,000
88,499
7,625
96,124
Efland Sewer to Mebane
348,200
123,500
68,505
192,005
Economic Development Infrastructure
750,000
-
166,757
166,757
Unallocated
200,000
-
33,260
33,260
Issuance costs and fees
1,566,376
1,191,183
1,191,183
Total expenditures
125,682,431
109,097,479
2,879,310
111,976,789
Revenues over (under) expenditures
(109,459,891)
(90,386,978)
(2,873,194)
(93,260,172)
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
78,122,643
73,194,911
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
19,909,030
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)
109,459,891
103,074,120
103,074,120
Net change in fund balance
$ - $
12,687,142
(2,873,194) $ 9,813,948
Fund Balance:
Beginning of year - July 1 12,637,142
Quarter Ended - September 30, $ 9,763,948
16
Exhibit 7
ORANGE COUNTY, NORTH CAROLINA
SCHOOL CAPITAL IMPROVEMENTS FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL (UNAUDITED)
FROM INCEPTION AND FOR THE QUARTER ENDED SEPTEMBER 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
$ 630,647 $
$ 630,647
Sales tax
180,000
87,597
- 87,597
Lottery proceeds
2,892,139
2,959,057
- 2,959,057
Other
-
33,759
- 33,759
Total revenues
3,132,139
3,711,060
- 3,711,060
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
398,952
- 398,952
Grady Brown Elementary
54,040
54,023
- 54,023
Hillsborough Elementary
362,899
267,431
- 267,431
New Hope Elementary renovations
325,000
245,600
- 245,600
Stanford Middle School
688,065
499,377
- 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
307,043
- 307,043
Indoor air quality
15,000
-
- -
Central elementary air
174,900
142,263
- 142,263
Classroom improvements
3,394,886
3,230,776
123,521 3,354,297
Electrical systems
290,000
170,685
43,931 214,616
Window replacements
573,567
230,106
- 230,106
Athletic Facilities
456,936
192,183
- 192,183
Kitchen renovations project
27,785
-
- -
Mechanical systems
15,000
19,312
- 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
2,003,941
- 2,003,941
Technology plan
2,222,668
2,349,364
- 2,349,364
HVAC upgrade /improvements
1,493,961
1,440,351
- 1,440,351
District -wide improvements
247,745
232,029
- 232,029
Bathroom renovations
180,532
88,459
- 88,459
Fire /safety upgrades
333,569
267,591
- 267,591
Total Orange County Schools
15,380,038
13,794,423
167,452 13,961,875
17
Exhibit 7
ORANGE COUNTY, NORTH CAROLINA
SCHOOL CAPITAL IMPROVEMENTS FUND
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCE - BUDGET AND ACTUAL (UNAUDITED)
FROM INCEPTION AND FOR THE QUARTER ENDED SEPTEMBER 30, 2014
Other Financing Sources (Uses):
Bonds issuance
14,170,874
14,170,873
Actual
Installment loan insurance
38,071,676
Budget
Reported in
Current
Total
15,843,584
to Date
Prior Years
Year
to Date
Chapel Hill Carrboro Schools:
Total other financing sources (uses)
65,573,071
67,412,421
- 67,412,421
Elementary #11
23,137,196
22,944,363
150,000
23,094,363
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
330,942
7,225
338,167
ADA requirements
200,505
154,503
3,700
158,203
Ath. facilities /playgrounds
590,000
809,247
750
809,997
Eneregy efficiency renovations
350,000
84,060
3,167
87,227
Classroom/academic improvements
785,682
1,007,164
-
1,007,164
Doors, hardware, canopies
158,000
103,291
-
103,291
Electrical systems
489,740
572,646
-
572,646
Fire, safety, and security
480,000
549,698
26,529
576,227
Indoor air quality
501,340
482,962
13,018
495,980
Mechanical systems
1,749,570
2,027,672
35,313
2,062,985
Mobile classrooms
497,696
592,943
62,169
655,112
Parking lot improvements
320,000
286,303
-
286,303
Planning for future projects
450,000
450,000
-
450,000
Roofing projects
5,360,009
5,320,245
-
5,320,245
Bathroom renovations
193,406
193,406
-
193,406
Technology
7,168,590
7,168,202
245,986
7,414,188
Window replacements
353,658
327,484
-
327,484
Culbreth Science Wing
5,571,676
2,339,779
415,507
2,755,286
Total Chapel Hill Carrboro Schools
53,265,172
50,196,388
963,364
51,159,752
Other expenditures
60,000
43,215
-
43,215
Total expenditures
68,705,210
64,034,026
1,130,816
65,164,842
Revenues over (under) expenditures
(65,573,071)
(60,322,966)
1,130,816
68,875,902
Other Financing Sources (Uses):
Bonds issuance
14,170,874
14,170,873
- 14,170,873
Installment loan insurance
38,071,676
37,397,964
- 37,397,964
Transfers in
13,282,776
15,843,584
- 15,843,584
Appropriated fund balance
47,745
-
- -
Total other financing sources (uses)
65,573,071
67,412,421
- 67,412,421
Net change in fund balance
$ - $
7,089,455
(1,130,816) $ 5,958,639
Fund Balance:
Beginning of year - July 1 7,089,458
Quarter Ended - September 30, $ 5,958,642
ORANGE COUNTY
NORTH CAROLINA