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[CABARRIJS COU I <br /> <br />MEMORANDUM <br /> <br />September Agenda Item <br /> <br />To: Board of Commissioners <br /> <br />Date: September 14, 1999 <br /> <br />Re: <br /> <br />FY '99 Year End Financial Analysis <br />Undesignated Fund Balance Report/Recommendations <br /> <br />As detailed during the Board's Spring '99 retreat and FY 2000 budget work sessions, the close <br />out of FY '99 (audit) provides the most accurate detemxination of the County's undesignated <br />fund balance during the fiscal year. The actual outcome for FY '99 substantially exceeded <br />previous financial projections providing the County Commission with several positive options. <br /> <br />Summarizing (details attached), the fiscal period ending June 30th (FY '99) concluded with the <br />County seeing approximately $14 million available in the undesignated fund balance above the <br />15% minimum target established by Board policy. The positive variance is due primarily to <br />previously unreported revenues, deferred expenditures and decreased operational expenditures <br />achieved by county departments. <br /> <br />The majority of the excess funds that are available can be attributed to a combination of the <br />following: <br /> <br />(A) Availability of previously deferred property tax revenues related to settlement of Philip <br /> Morris tax issues ($5.9 million) <br /> <br />(B) Unforecasted sales tax receipts ($1.2 million) <br /> <br />(C) Deferred debt service in the delayed 1999 school bond issue ($2.8 million) <br /> <br />(D) Deferred County capital outlay projects re-budgeted to FY 2000 ($4.1 million) <br /> <br /> Office of the County Manager <br />Box 707 · Concord, NC 28026-0707 · (704) 788-8100 * Charlotte (704) 375-0829 <br /> '"'W' t <br /> <br /> <br />