2012-COH - Comprehensive Annual Financial Report

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The charts above illustrate the Counter's governmental expenses and revenues by function, and its revenues by source. As shown, public safety is the largest function in expense (43 percent), followed by general government (16 percent) and highways and streets 12 percent). General revenues such as property and other taxes are not shorn by program, but are effectively used to support program activities countywide. For governmental activities overall, without regard t programs, property taxes are the largest single source of funds 49 percent), followed by capital grants and contributions (20 percent) and operating grants and contributions 11 percent). Business -type activities. Business -type activities increased the County's net assets by $13,280 versus a decrease of $41,990 in the prior year. Expenses for health, education and welfare account for all of the $517,,052 of expenses. Charges for services were $393,464, operating grants and contributions were $13 1,227 and investment earnings were $5,641. Revenues increased by $21,521 due t $21,525 increase in rental receipts. Expenses decreased $33,749 percent) due to decreases in general and administration expenses of $29,739 and in lease expense of $18,364, which were offset by an increase in utilities expense of $19,275. FINANCIAL ANALYSIS OF THE COUNTY'S FUNDS As noted earlier, the County uses fund accounting to ensure and demonstrate compliance with finance -related legal requirements. Governmentalfunds. The focus of the County's governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the County's financing requirements. In particular, unrestricted fund balance may serve as a useful measure of government's net resources available for spending at the end of the fiscal year. As of the end ofthe current fiscal year, the County's governmental funds reported combined ending fund balances of $146.4 million, a decrease of $12.6 million in comparison with prior year. Approximately 47 percent of this total amount $.3 million) constitutes unrestricted fund balance. The unrestricted portion of the fund balance is comprised of 1 $48.6 million in c m itted fund balance, 2 $21.8 million in assigned fund balance and negative $2.1 million in unassigned fund balance. The remainder of the fund balance is divided between $3.3 million in nonspendable fund balance for inventory and $74.7 million in restricted fund balance. Approximately 79% of the restricted fund balance is due to restrictions relating to highways, streets and abandoned vehicles ($32.9 million) and debt service ($26.2 million). The general fund is the chief operating fund of the County. At the end of the current fiscal year, unrestricted fund balance ofthe general find was $41.7 million, while total fund balance increased t $48.7 million. As a measure ofthe general fund's liquidity, it may be useful to compare both unrestricted fund balance and total fund balance to total fund expenditures. Unrestricted fund balance represents 19 percent of total general fund expenditures, while total fund balance represents 22 percent ofthat same amount. The fund balance of the County's general fund increased by $4.1 million during the current fiscal year as compared to an increase of $.1 million in the prior year. Key factors in this decrease from last year's amount are as follows: •A decrease of $8.3 million 4 percent) in real property taxes, which was mostly due to lower collections resulting from the slight decline in the value of net taxable real property as evidenced in the accompanying statistical tables. -21-