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Home My WebLink AboutAgenda - 03-10-20; 12-5 - Information Item - Financial Report for Second Quarter of FY2019-20 1 ORANGE COUNTY NORTH CAROLINA FINANCE and ADMINISTRATIVE SERVICES Gary Donaldson,CTP,Chief Financial Officer I gdonaldson@orangecountync.gov 1200 S.Cameron Street,Hillsborough,NC 27278 1 919.245.2453 To: Board of County Commissioners From: Gary Donaldson, Chief Financial Officer Date: February 18, 2020 Re: Financial Report for Second Quarter of FY 2019-20 OVERVIEW The County financial report for the second quarter of fiscal year 2019-20 provides information on the economy, revenues, expenditures, cash balances through December 31, 2019.The summary tables below covers the General Fund, Enterprise Funds, and Special Revenue Funds.The notes at the end of each table provide variance explanations which compares the current fiscal year year-to-date with the prior fiscal year. Based on six-months of fiscal year activity and updates to our long-term financial model, the General Fund is projected to end FY 2019- 20 with no use of fund balance. Further General Fund detail is included for additional review. The Enterprise Funds and Special Revenue Funds are projected to end the fiscal year consistent with the FY 2019-20 operating budget as well. Economy The economic research centers at both UNC-Charlotte and NC State University indicate moderate economic growth as measured by U.S. Gross Domestic Product and Gross State Product growth rates are at 2%through FY 2019-20.The County's financial model and forecast assumptions are predicated on continued economic growth. Economic data from the NC economist views can be found at the following links: UNC-Charlotte NC State University Revenues-General Fund General Fund revenues represent 64.2%of total revenues as compared with the prior fiscal year of 62.6%. The property tax base which is growing by 2%and projected collection rate are forecasted to meet the budgeted amount. Sales tax has experienced solid growth primarily attributed to the NC Department of Revenue enforcement of online sales tax transactions and has indicated by the historical sales tax trends. Expenditures-General Fund General Fund expenditures represent 45.3%of total expenditure as compared with the prior fiscal year of 45.5%. Expenditures are projected to be within budget primarily attributed to personnel savings and prudent management of non-personnel expenditures. There are no major expenditure variances among the Functional Leadership Teams that warrant additional attention at this juncture. Other County Funds There are no major variances among the other County Funds and these operating funds are expected to perform within budget as indicated by the enclosed table. cc: Bonnie Hammersley, County Manager Enclosures Orange County Government I www.orangecountync.gov 1919.732.8181 2 ORANGE COUNTY NQRTH CAROLINA Finance and Administrative Services FY 2019-20 Second Quarter FY 2020 FY 2019 FYs 2020 vs 2019 GENERAL FUND Original Budget Revised Budget YTDActual* Percentage YTDActual* Percentage YTD %Variance' Property Tax $165,153,931 $165,153,931 $135,702,146 82.2% $125,016,481 78.8% $10,685,665 3.3%0 Sales&Use Tax $25,372,861 $25,372,861 $7,081,317 27.9% $6,296,944 26.1% $784,373 1.8% Licenses and Permits $313,260 $313,260 $65,299 20.8% $71,599 22.9% -$6,300 -2.0%0 Charges for Services $12,704,833 $12,731,515 $6,034,138 47.4% $4,658,463 37.4% $1,375,675 10.0% 1 Intergovernmental $18,278,612 $18,874,594 $5,226,123 27.7% $5,501,396 30.8% -$275,273 -3.2% W Transfers In $4,034,600 $4,034,600 $0 0.0% $0 0.0% $0 0.0%- Investment Earnings $415,000 $415,000 $336,883 81.2% $165,355 39.8% $171,528 41.3%0 Z Miscellaneous $3,040,769 $3,250,663 $548,974 16.9% $657,031 20.7% -$108,057 -3.8%0 Appropriated Fund Balance $7,808,006 $9,327,952 $0 0.0% $0 0.0% $0 0.0%- Total $237,121,872 $239,474,376 $153,691,283 64.2% $142,367,270 62.6% $11,324,013 1.6%0 Community Services $14,421,090 $14,850,152 $6,703,250 45.1% $5,951,317 44.2% $751,933 1.0%0 General Government $10,556,767 $10,839,786 $5,581,438 51.5% $5,627,469 56.0% -$46,031 -4.5%0 Public Safety $26,643,096 $27,442,780 $12,519,973 45.6% $12,057,161 46.9% $462,812 -1.2%0 :g Human Services $40,822,906 $42,024,436 $18,470,470 44.0% $19,482,725 48.7% -$1,012,255 -4.7%0 a Education $93,508,573 $93,508,573 $45,026,694 48.2% $43,719,891 47.4% $1,306,803 0.8%0 ,X Support Services $12,465,362 $11,971,571 $6,668,694 55.7% $7,099,828 52.3% -$431,134 3.4%0 a Debt Service $30,754,428 $30,754,428 $13,478,282 43.8% $10,346,219 34.5% $3,132,063 9.3% 4 Transfers Out $7,949,650 $8,082,650 $0 0.0% $0 0.0% $0 0.0%o Total $237,121,872 $239,474,376 $108,448,801 45.3% $104,284,611 45.5% $4,164,190 -0.2% Notes: *-Actual amounts include Encumbrances. +-Based on percentage. 1-Higher fee collections at Register of Deeds,Health Department,Planning and Inspections,Sheriff,and Emergency Services compared to FY 2018-19. 2-Investment earnings reflect the timing of interest allocations. 3-Finance Department is reviewing material variances with affected departments. 4-Based on increased Debt Service payments in FY 2019-20. 3 ORANGE COUNTY NORTH CAMUNA Finance and Administrative Services FY 2019-20 Second Quarter FY 2020 FY 2019 FYs 2020 vs 2019 OTHER FUNDS Original Budget Revised Budget YTDActual* Percentage YTDActual* Percentage YTD %Variance' 29-Annual Grants Project Fund $141,464 $143,155 $22,360 15.6% $49,722 35.3% -$27,362 -19.6% 6 30-Multi-Year Grant Projects Fund $129,765 $538,821 $211,587 39.3% $235,740 7.0% -$24,153 32.3%0 6 32-Multi-Year Community Development Fund $1,724,544 $1,804,547 $224,512 12.4% $100,830 2.8% $123,682 9.6%06 33-Housing Fund $4,422,324 $4,433,976 $2,157,088 48.6% $2,376,666 52.9% -$219,578 -4.3%06 35-Emergency Telephone Fund $768,078 $782,023 $238,844 30.5% $262,115 28.5% -$23,271 2.0% 6 t 37-Visitor's Bureau Fund $1,924,380 $1,931,018 $949,872 49.2% $1,002,204 53.1% -$52,332 -3.9%0 W 38-Spay/Neuter Fund $71,726 $96,851 $19,208 19.8% $22,908 24.5% -$3,700 -4.7%0 50-Solid Waste Enterprise Fund $11,884,383 $12,576,403 $8,765,964 69.7% $7,883,783 75.2% $882,181 -5.5%0 51-Efland Sewer Operating Fund $480 $480 $2,233 465.2% $92,865 38.4% -$90,632 426.8%07 53-Sportsplex Fund $4,025,654 $4,579,481 $1,818,196 39.7% $1,692,962 43.6% $125,234 -3.9% 70-Employee Health&Dental Fund $17,114,072 $17,114,072 $5,766,730 33.7% $5,718,895 32.0% $47,835 1.7% 29-Annual Grants Project Fund $141,464 $143,155 $85,841 60.0% $95,981 65.3% -$10,140 -5.3% 30-Multi-Year Grant Projects Fund $129,765 $538,821 $363,178 67.4% $253,977 6.0% $109,201 61.4%196 32-Multi-Year Community Development Fund $1,724,544 $1,804,547 $669,340 37.1% $348,718 8.6% $320,622 28.5%06 w 33-Housing Fund $4,422,324 $4,433,976 $2,149,541 48.5% $2,219,198 49.4% -$69,657 -0.9%i9 35-Emergency Telephone Fund $768,078 $782,023 $433,793 55.5% $448,861 47.7% -$15,068 7.8%0 8 c 37-Visitor's Bureau Fund $1,924,380 $1,931,018 $1,233,357 63.9% $985,503 52.2% $247,854 11.6%19 9 x 38-Spay/Neuter Fund $71,726 $96,851 $27,589 28.5% $28,218 29.1% -$629 -0.7%0 W 50-Solid Waste Enterprise Fund $11,884,383 $12,576,403 $5,509,920 43.8% $6,547,600 55.0% -$1,037,680 -11.2%19 51-Efland Sewer Operating Fund $480 $480 $285 59.4% $159,058 65.8% -$158,773 -6.4% 53-Sportsplex Fund $4,025,654 $4,579,481 $1,618,692 35.3% $3,940,357 63.8% -$2,321,665 -28.4%19 10 70-Employee Health&Dental Fund $17,114,072 $17,114,072 $7,344,800 42.9% $7,887,971 44.1% -$543,171 -1.2%1911 Notes: *-Actual amounts include Encumbrances. +-Based on percentage. 5-Based on timing of receipt of funds. 6-Multi Year Fund budgets only reflect budget authority authorized in current fiscal year. 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-Reflects higher encumbrances for advertising in FY 2019-20. 10-Reflects higher encumbrances for Field House in FY 2018-19. 11-FY 2018-19 included Run Out Claims during the transition from United Health Care to Blue Cross Blue Shield.