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OPERATING AND CAPITAL BUDGET - Fayette County Government

OPERATING AND CAPITAL BUDGET - Fayette County Government


GENERAL FUND The following table provides a comparison of the fund balance for the General Fund over a fouryear period. As of June 30 FY 2010 ACTUAL General Fund 34,993,703 FY 2011 ACTUAL FY 2012 ESTIMATED $ 37,273,344 33,574,149 FY 2013 PROJECTED 28,600,505 At the end of the 2012 fiscal year, it is determined that the estimated fund balance is $33.6 million. This level of cash reserves places Fayette County in the position of having sufficient monies available to meet any cash flow shortfall during the early part of the fiscal cycle and still be able to pay for capital improvement projects. Adhering to policies of fiscal conservatism is part of the reason that the County’s bond rating was upgraded in calendar year 2010 from Aa2 to Aa1 by Moody’s Investors Service. The rating of Aa1 is the highest level within the “high quality” category. In March 2011, the Refunding Revenue Bonds series 2011 got an Aa1 rating by Moody’s and an AA+ rating from Standard & Poor’s. These ratings reflect a very strong capacity to meet financial commitments. But more importantly from a strategic standpoint of funding needed services, this size fund balance provides the County with budgetary flexibility. In the event of a significant economic downturn, these financial resources are available to cover or offset any unfavorable budget-toactual revenue variances in the short term. The following tabular information provides detail on the projected fund balance as of June 30, 2013. The Board of Commissioners has adopted as a fiscal policy that the County maintain a working capital or cash reserve equal to three months of budgeted expenditures. This reserve is projected to be $11,833,114 for FY 2013. The County also maintains a reserve equal to $2,000,000 for emergencies. Fund Balance, June 30, 2012 - Estimated $ 33,574,148 FY 2013 Budget Revenue $ 41,180,997 Expenditures 44,941,467 Other Financing Sources 1,177,815 Other Financing Uses 2,390,989 (3,760,470) 29,813,678 (1,213,174) Fund Balance, June 30, 2013- Projected $ 28,600,504 Based on this projection, an estimated $4.97 million will be needed from fund balance to balance the FY 2013 budget. For the FY 2012 budget, it was projected that $6.5 million was needed to balance the budget. Again, the General Fund reserves will be able to absorb the FY 2013 projected budget overage and still maintain adequate reserves. 41

SPECIAL REVENUE FUNDS Law Library The main revenue source is Superior Court Fees. Expenditures are mainly incurred for Data Processing Services and Subscriptions, Books & Magazines. Expenditures are projected at the same level as in FY 2012. Revenue is projected approximately 4.5% lower. Fund balance data for this special revenue fund is shown in the following tabular information. As of June 30 FY 2010 ACTUAL Law Library 38,221 FY 2011 ACTUAL 46,033 State Confiscated Property FY 2012 ESTIMATED 46,295 FY 2013 PROJECTED 42,135 Fund balance information for the State Confiscated Property Special Revenue Fund is provided in the table below. As these funds are forfeited through the judicial court system, they are almost immediately put to work as part of the Sheriff’s Office’s efforts to combat crime and enhance their law enforcement effort within the county. The FY 2013 budget projects that expenditures will greatly exceed revenues for this fund. During the fiscal year this projected shortfall will be addressed and an adjustment to the original budget will be processed to avoid a negative fund balance. As of June 30 FY 2010 ACTUAL Confiscated Property-State 78,009 FY 2011 ACTUAL U. S. Customs Fund 46,158 FY 2012 ESTIMATED 26,548 FY 2013 PROJECTED (49,952) This fund is the latest law enforcement confiscated monies account created and represents funds forfeited through the Department of Treasury. All revenues collected will be used to enhance the law enforcement efforts within the county. Due to the uncertainty of revenues this fund is not budgeted. As of June 30 FY 2010 ACTUAL U.S.Customs Fund 1,260,354 42 FY 2011 ACTUAL 804,428 FY 2012 ESTIMATED 336,349 FY 2013 PROJECTED 336,349

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