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Home My WebLink AboutAgenda 11-19-19 Item 12-3 - Information Item - FY 2019-20 First Quarter Financial Report 1 ORANGE COUNTY NORTH CAROLINA FINANCE and ADMINISTRATIVE SERVICES Gary Donaldson,CTP,Chief Financial Officer I gdonaldson@orangecountync.gov 1 200 S.Cameron Street,Hillsborough,NC 27278 1919.245.2453 To: Board of County Commissioners From: Gary Donaldson, Chief Financial Officer Date: November 19,2019 Re: FY 2019-20 First Quarter Financial Report Please find attached a summary of FY 2019-20 first quarter financial report for the General Fund,Enterprise Funds, and Special Revenue Funds. The notes at the end of each table provide variance explanations. The variance compares the current fiscal year year-to-date results with the prior fiscal year. Based on three-months of fiscal year reporting and our financial model,the General Fund,Enterprise Funds, and Special Revenue Funds first quarter financial performance are consistent with the adopted budget.A summary of our investment balances and yield is included as well. Finance continues to monitor any material variances not attributed to timing and will provide updates as necessary. cc: Bonnie Hammersley, County Manager Enclosures Orange County Government I www.orangecountync.gov 1919.732.8181 2 ORANGE COUNTY NORTH CAROLINA Orange County Finance and Administrative Services FY 2019-20 First Quarter FY 2020 FY 2019 FYs 2020 vs 2019 GENERALFUND Original Budget Revised Budget YTDActual* Percentage YTDActual* Percentage YTD %Variance' Property Tax $165,153,931 $165,153,931 $23,516,712 14.24% $23,096,306 14.57% $420,406 -0.33%0 1 Sales&Use Tax $25,372,861 $25,372,861 $0 0.00% $0 0.00% $0 0.00%- Licenses and Permits $313,260 $313,260 $630 0.20% $478 0.15% $153 0.05%0 c Charges for Services $12,704,833 $12,704,833 $2,644,895 20.82% $2,122,415 17.04% $522,480 3.78% Z Intergovernmental $18,278,612 $18,719,854 $1,557,262 8.32% $1,533,742 8.82% $23,520 -0.50%0 Transfers In $4,034,600 $4,034,600 $0 0.00% $0 0.00% $0 0.00%- Investment Earnings $415,000 $415,000 $153,117 36.90% $165,355 39.84% -$12,238 -2.95%0 s Miscellaneous $3,040,769 $3,243,827 $181,787 5.60% $154,808 4.87% $26,979 0.73%0 Appropriated Fund Balance $7,808,006 $7,859,141 $0 0.00% $0 0.00% $0 0.00%- Total $237,121,8721 $237,817,3071 $28,054,4031 11.80% $27,073,104 11.93% $3,455,055 -0.13% Community Services $14,421,090 $14,675,219 $3,214,346 21.90% $2,807,628 21.27% $406,718 0.63%Q General Government $10,556,767 $10,726,427 $3,313,916 30.89% $3,297,130 33.33% $16,786 -2.44%0 Public Safety $26,643,096 $26,969,195 $5,731,541 21.25% 5,164,425 20.41% °� y $ $567,116 0.84/0 0 v Human Services $40,822,906 $41,573,165 $8,869,548 21.33% $8,999,005 22.89% -$129,457 -1.55%0 a Education $93,508,573 $93,508,573 $22,404,745 23.96% $21,421,953 23.22% $982,792 0.74%0 ,x Support Services $12,465,362 $11,400,650 $4,009,451 35.17% $3,803,650 28.85% $205,801 6.32%I. ° Debt Service $30,754,428 $30,754,428 $12,036,931 39.14% $10,107,390 33.75% $1,929,541 5.39%0 s Transfers Out $7,949,650 $8,209,650 $0 0.00% $0 0.00% $0 0.00%- Total $237,121,872 $237,817,307 $59,580,478 25.05% $55,601,182 24.50%1 $1,647,875 0.55%• Notes: *-Actual amounts include Encumbrances. +-Based on percentage. 1-Decreases in property tax are attributed to timing of payment receipt. 2-Fee collections at Register of Deeds,Health Department,Planning and Inspections,Sheriff,and Emergency Services are up from FY 2018-19. 3-Investment earnings are down slightly from FY 2018-19 due to slightly lower interest rate environments. 4-Finance Department is reviewing material variances with affected departments. 5-Based on increased Debt Service payments in FY 2019-20. 3 ORANGE COUNTY NORTH CAROLINA Orange County Finance and Administrative Services FY 2019-20 First Quarter FY 2020 FY 2019 FYs 2020 vs 2019 OTHERFUNDS Original Budget Revised Budget YTDActual* Percentage YTDActual* Percentage YTD %Variance' 29-Annual Grants Project Fund $141,464 $141,464 $22,360 15.81% $28,066 20.5% -$5,706 -4.67% a 30-Multi-Year Grant Projects Fund $129,765 $427,012 $46,306 10.84% $126,459 54.3% -$80,153 -43.43% 6 32-Multi-Year Community Development Fund $1,724,544 $1,724,544 $5,655 0.33% $19,997 1.9% -$14,342 -1.55% 33-Housing Fund $4,422,324 $4,422,324 $1,180,228 26.69% $1,177,698 26.2% $2,530 0.47% 3 35-Emergency Telephone Fund $768,078 $768,078 $95,538 12.44% $53,977 5.9% $41,561 6.57% a L 37-Visitor's Bureau Fund $1,924,380 $1,928,580 $421,944 21.88% $393,166 20.8% $28,778 1.04%0 cc 38-Spay/Neuter Fund $71,726 $79,021 $10,177 12.88% $9,615 14.1% $562 -1.19%0 50-Solid Waste Enterprise Fund $11,884,383 $11,884,383 $1,710,296 14.39% $1,645,524 16.4% $64,772 -2.00%0 51-Efland Sewer Operating Fund $480 $480 $1,892 394.17% $50,618 32.3% -$48,726 361.87% ' 53-Sportsplex Fund $4,025,654 $4,025,654 $928,467 23.06% $804,481 20.7% $123,986 2.35% 70-Employee Health&Dental Fund $17,114,072 $17,114,072 $2,748,394 16.06% $2,686,183 15.0% $62,211 1.05%0 Total $42,206,870 $42,515,612 $7,171,257 16.87% $6,995,785 17.16% $175,472 -0.29%0 29-Annual Grants Project Fund $141,464 $141,464 $46,116 32.60% $47,371 34.6% -$1,255 -1.97%0 30-Multi-Year Grant Projects Fund $129,765 $427,012 $116,093 27.19% $94,147 40.4% $21,946 -13.22% 32-Multi-Year Community Development Fund $1,724,544 $1,724,544 $262,929 15.25% $137,432 12.9% $125,497 2.33% d 33-Housing Fund $4,422,324 $4,422,324 $1,071,048 24.22% $1,108,355 24.7% -$37,307 -0.45% r 35-Emergency Telephone Fund $768,078 $768,078 $146,420 19.06% $123,584 13.4% $22,836 5.62% s c 37-Visitor's Bureau Fund $1,924,380 $1,928,580 $847,487 43.94% $871,683 46.2% $24,196 2.26% X 38-Spay/Neuter Fund $71,726 $79,021 $7,605 9.62% $3,222 4.7% $4,383 4.91%I. W 50-Solid Waste Enterprise Fund $11,884,383 $11,884,383 $4,123,318 34.70% $3,581,917 35.7% $541,401 -0.98%0 51-Efland Sewer Operating Fund $480 $480 $130 27.08% $55,392 35.3% -$55,262 -8.25% ' 53-Sportsplex Fund $4,025,654 $4,025,654 $901,831 22.40% $865,384 22.3% $36,447 0.12% 70-Employee Health&Dental Fund $17,114,072 $17,114,072 $3,706,465 21.66%1 $4,397,432 24.6% -$690,967 -2.91%0 9 Total N $42,206,8701 $42,515,612 $11,229,442 26.41%1 $11,285,920 27.68% -$56,478 -1.26% Notes: *-Actual amounts include Encumbrances. +-Based on percentage. 6-Based on timing of receipt of funds. 7-Efland Sewer System operations transferred over the the City of Mebane starting in FY 2019-20. 8-Finance Department is reviewing material variances with affected department. 9-FY 2018-19 included Run Out Claims during the transition from United Health Care to Blue Cross Blue Shield 4 Investment Summary Period Ending September 30,2019 FY 2019-20 1 First Quarter Report North Carolina Capital Management Trust (NCCMT) Government Portfolio Represents investments to meet County operating requirements 30-Day Yield 1.98% 7-Day Yield 1.83% Weighted Average Maturity 28 days Represents the maturity life of the securities in the portfolio Term Portfolio Represents investments to meet County operating and capital improvement requirements 30-Day Yield 2.03% 1-Year Yield 2.36% Sun Trust Bank Earnings Credit Rate 0.70% Represents amount earned on cash deposits Finance Department negotiated increase from.35%to.70% Average Daily Balances NCCMT Government Portfolio $78,885,231.76 NCCMT Term Portfolio $20,530,803.66 Sun Trust Bank $16,189,526.00 Total $115,605,561.42 Portfolio Composition N.C.Statute permitted investments primarily composed of U.S.Treasuries,U.S.Agency backed debt and Corporate Commercial Paper