HomeMy WebLinkAboutAgenda 12-10-19 Item 4-f - Presentation of Comprehensive Annual Financial Report for FYE 6-30-2019 1
ORANGE COUNTY
BOARD OF COMMISSIONERS
ACTION AGENDA ITEM ABSTRACT
Meeting Date: December 10, 2019
Action Agenda
Item No. 4-f
SUBJECT: Presentation of Comprehensive Annual Financial Report for FYE 6/30/2019
DEPARTMENT: Finance and Administrative Services
ATTACHMENT(S): INFORMATION CONTACT:
1. GFOA Award for Excellence in Gary Donaldson, (919) 245-2453
Financial Reporting Paul Laughton, (919) 245-2152
2. PowerPoint Presentation-FY 2018-19
Financial Review
UNDER SEPARATE COVER
3. Comprehensive Annual Financial
Report, June 30, 2019
AVAILABLE AT:
http://www.co.orange.nc.us/732/Finan
cial-Audit
HARD COPY AVAILABLE UPON
REQUEST
4. PowerPoint Presentation-Mauldin &
Jenkins - To Be Provided at the
Meeting
PURPOSE: To receive the Comprehensive Annual Financial Report (CAFR) for the fiscal year
ended June 30, 2019.
BACKGROUND: The CAFR reports on all financial activity of the County for the fiscal year July
1, 2018 through June 30, 2019. Mauldin and Jenkins, a firm of Certified Public Accountants,
audited the financial statements. The financial statements and audit are required by Chapter
159-34 of the North Carolina General Statutes. The County prepares a Comprehensive Annual
Financial Report (CAFR) that meets the standards set by the Government Finance Officers
Association (GFOA). The CAFR is submitted to the GFOA in order to be awarded the Certificate
of Achievement for Excellence in Financial Reporting. The financial report for the Orange
County SportsPlex, as required under the management contract, is included in the County's
CAFR.
The County received an unmodified (clean) audit opinion on the financial statements received
from the audit. The financial audit results indicate compliance with County financial policies. The
Chief Financial Officer and representatives of Mauldin and Jenkins will cover highlights of the
report and answer any questions.
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The Comprehensive Annual Financial Report, June 30, 2019 is available electronically
at: http://www.co.orange.nc.us/732/Financial-Audit. A hard copy is available upon request.
FINANCIAL IMPACT: The financial report indicates a strong financial position for Orange
County.
SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goal is applicable to
this agenda item:
• GOAL: ENSURE ECONOMIC SELF-SUFFICIENCY
The creation and preservation of infrastructure, policies, programs and funding necessary
for residents to provide shelter, food, clothing and medical care for themselves and their
dependents.
ENVIRONMENTAL IMPACT: There is no environmental impact from approval of this action.
RECOMMENDATION(S): The Manager recommends that the Board receive the Report as
information.
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Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
Orange County
North Carolina
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
June 30, 2018
04446. P
Executive Director/CEO
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ORANGE COUNTY
NORTH CAROLINA
Fiscal Year 2018-19
Review
Gary Donaldson, Chief Financial Officer
December 10, 2019
BOCC Regular Meeting
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Operating and Capital Funds Highlights
➢ Met Board County Policies including Unassigned Fund Balance levels
➢ Favorable Budget versus Actuals Performance and Fund Reserve
Levels as forecasted in Quarterly reports and Long-Term Forecast
Model;
➢ Continued reduction in General Fund subsidy to Solid Waste Fund from
$1 .5 million to $126,510;
➢ Strong Investment Earnings results; earnings increased by $358, 107 to
$1 . 1 million through proactive Finance Investment strategy;
➢ New Debt Series 2019A Limited Obligations Bonds: $14. 1 million
included IT Infrastructure investments, Building Remediation
(Meadowlands, Government Annex, District Attorney and Battle
Courtroom) and Public Safety and Solid Waste Vehicle Replacements.
➢ Affirmation of `AAA Bond Rating by all Three Major Credit Rating
Agencies
ORANGE COUNTY
NORTH CAROLINA
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General Fund Budget versus Actual
Variance with
Budget Actual Final Budget
Original Final Amounts Positive(Negative
Revenues
Property taxes $ 158,100,549 $ 158,100,549 $ 158,975,376 $ 874,827
Sales tax 25,890,242 25,890,242 27,844,579 1,954,337
Intergovernmental revenue 16,739,366 19,119,760 17,594,067 (1,525,693)
Charges for services 11,633,505 11,532,698 12,215,839 683,141
Investment earnings 415,000 415,000 1,158,576 743,576
License and permits 313,000 313,000 288,988 (24,012)
Miscellaneous 1,954,349 2,063,809 2,579,605 515,796
Total revenues 215,046,011 217,435,058 220,657,030 3,221,972
Expenditures
Current:
Community service 12,595,089 13,068,607 12,391,965 676,642
General government 9,831,027 10,206,355 9,690,362 515,993
Public safety 24,713,448 25,473,002 24,029,259 1,443,743
Human services 38,731,446 40,795,649 37,412,281 3,383,368
Education 92,246,242 92,246,242 90,688,339 1,557,903
Support services 13,182,883 12,537,275 12,626,572 (89,297)
Debt service:
Principal retirements 23,415,710 21,760,710 21,359,375 401,335
Interest 6,532,531 8,187,531 8,159,291 28,240
Total expenditures 221,248,376 224,275,371 216,357,444 7,917,927
ORANGE COUNTY
NORTH CAROLINA
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Audited Fund Balances and Net Positions
County Funds Beginning Fund Balance Ending Fund Balance
General Fund-Unassigned Fund Balance $ 34,439,230 $ 35,697,519
Article 46 Sales Tax Fund $ 3,515,051 $ 4,241,654
Community Development Fund $ 1,777,410 $ 1,756,359
Housing Section 8 Fund $ 166,439 $ 363,492
Emergency Telephone Fund' $ 664,467 $ 67,661
Fire District Tax Funds $ 1,412,712 $ 1,551,004
Visitors Bureau Fund $ 766,785 $ 755,377
Spay/Neuter Fund $ 64,006 $ 50,448
Enterprise Fund Net Positions Beginning Net Position Ending Net Position
Solid Waste Enterprise Fund $ 10,928,732 $ 11,004,654
S orts lex Enterprise Fund $ 3,580,764 $ 3,605,404
Notes.
1) E-911 Board Mandated use of Fund Balance which was budgeted for one-time call taking equipment requirements.
ORANGE COUNTY
NORTH CAROLINA
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Finance Investment Strategy and Results
General Fund Investment Earnings
$1,200,000 $1,158,576
$1,100,000
$1,000,000
$900,000
$800,469
$800,000
$700,000
$600,000
$500,000 $437,171
$400,000
$300,000
$200,000 $151,391
$100,000 $9 738 15,886
FY 2013-14 FY 2014-15 FY 2015-16 FY 2016-17 FY 2017-18 FY 2018-19
ORANGE COUNTY
NORTH CAROLINA
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Next: Independent Auditors Presentation
ORANGE COUNTY
NORTH CAROLINA