HomeMy WebLinkAboutAgenda - 12-05-94-X-B 1
ORANGE COUNTY
BOARD OF COMMISSIONERS
Action Agenda
Item No. X-3
ACTION AGENDA ITEM ABSTRACT
Meeting Date: December 5, 1994
SUBJECT: 1993-94 Comprehensive Annual Financial Report
DEPARTMENT: Finance PUBLIC HEARING YES: NO: X
ATTACHMENT(S) : Financial Report INFORMATION CONTACT:
Management Letter Ken Chavious ext 2453
Single Audit Report TELEPHONE NUMBER-
Hillsborough - 732-8181
Submitted under separate cover Chapel Hill - 968-4501
Mebane - 227-2031
Durham - 688-7331
PURPOSE: To receive the Comprehensive Annual Financial Report for the
fiscal year ended June 30, 1994 .
BACKGROUND: The Comprehensive Annual Financial Report covers all financial
activity of the County for the fiscal year 1993-94.
Presentation of this report is necessary in order to fulfill
the requirements set forth in G.S. 159-34 of the North
Carolina General Statutes. The County Finance Director will
make a brief presentation, and will be available to answer any
questions, along with representatives of the County's
certified public accountants, Deloitte and Touche.
RECOMMENDATION(S) : The Manager recommends that the Board receive the
report for information only.
! � anw✓
Orange County Comprehensive
Annual Financial Report
Fiscal Year Ending June 30, 1994
December 5, 1994
Undesignated Fund Balance
Millions
$7
$6 .:..,.,....,.,.............,.,...: :.........,.,..._.........,.,....,........,.,....:.,.............:..... .,.,....,.,......,......:.,...:..,.....
$5 ....,......,..............:......:..,......,.....:.........,.....:..,........,....:.a `
$4
$
$0 ... ..w 1 1 .. . w F. f. �.... ..... .�......... ..
86 87 88 89 90 91 92 93 94
Fiscal Year Ending 19_:
(1) Decrease in 1988-89 due to accounting changes required by the
the Government Accounting Standards Board (GASB)
Undesignated General Fund Balance
as a Percentage of 1994 Actual
Expenditures is Equal to 9.8%
Undesignated General Fund Balance
is above Board's 8% Goal
10.0%
8.9%
8.0% ...
8.0%
4.0%
2.0% -
0.0%
Board Goal Actual Fund Balance
(1) Percentage is based on 1994-95 General Fund Budgeted Expenditures.
Undesignated Fund Balance
As a Percentage of General Fund Expenditures
12%
10% .v.......:......_............................................ ..... .. ..... .............. .
6% ._....._......._...:; ._..._.__..._.-....._...:;;>':.._...__......._....._......._....._......._....._....._........_..._._.._....._..
2% ._
0% f I f I f I f
86 87 88 89 90 91 92 93 94
Fiscal Year Ending 19_:
(1) Decrease in 1988-89 due to accounting changes required by the
the Government Accounting Standards Board (GASB)
$1 .5 Million increase over Fiscal Year
1992-93 in Cash and Investments
Bond Rating
• Standard and Poors Upgraded
from AA to AA+
• Moodys Aal
(rating was upgraded last year)
Accounting and Financial
Reporting Issues
•GASB Statement 14 - The Reporting Entity
✓ ABC Board a component unit of
the County and is now included
on Financial Statements
• Joint Ventures - Disclosures
required for:
• Landfill
• OPC Mental Health
• Hyconeechee Regional Library
• Intangibles Tax
Intangibles Tax
• Change in distribution will affect
1994-95 revenues.
• In anticipation of change, Staff
pursued technical accounting change
in 1993-94.
• GAAP "Change must occur in accounting
period affected."
• Accting change to be implemented in
1994-95, with no impact in overall
financial condition.