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Board Receives FY 11/12 End of Year Financial Report

The Board of Supervisors today received the Unaudited FY12 Annual Financial Report .  While the external audit of the County’s FY12 Comprehensive Annual Financial Report is still a work in progress, staff believes that the information presented today is materially correct and accurate. 

The following are highlights from this report:     

  • Year End total revenues in FY 12 came to $219,190,219 compared to $215,377,074 in FY 11, an increase of 1.77%, or roughly in line with the 1.66% increase in the U.S. Consumer Price Index (CPI-U) during this time period. 
  • Overall actual revenues were within approximately 2% of what was budgeted for revenues in FY12.
  • In FY 12, the net impact of revenues over expenditures came in at $7,793,026, or 3.6% of budget. This excess reflects both expenditure savings and an increase in revenues beyond what was budgeted. 
    • Expenditure savings -  In FY 12 actual expenditures came in at approximately 2%  less than budgeted, resulting in savings of  $4,181,925 excluding transfers. Most of this savings was realized from open positions being unfilled for a period of time.  Savings were also realized from unused set-asides for such things as Board Contingencies, Job Opportunity Fund, Grants Leveraging Fund and potential CSA liabilities.
    • Revenue increase  - Increased revenues were mostly due to aggressive collection of delinquent taxes and corresponding penalty and interest fees.  The County significantly improved our percentage of current collections from 94.41% in FY11 to 95.43% in FY12, which resulted in additional collection of $2,251,200.  Without these additional delinquency collections, the County would have been within approximately one percent of the FY 11/12 budget.
  • The County’s five year plan will include a proposed use for the remaining excess fund balance, most of which will be recommended to address the County’s capital needs in accordance with County practices.

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