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V. NEW BUSINESS
<br />V.A FY 2018 - 2019 Financial Statement Presentation - Lisa Minter
<br />Lisa Minter, Assistant County Manager/Finance Director presented Financial
<br />Statement information from FY 2018-2019. Brandy Turbeville, CPA with Thompson,
<br />Price, Scott, Adams and Co, P.A. provided information on the financial audit of the
<br />county. Last year there was a finding for Medicaid. There were no findings this year
<br />in this year's audit. General fund revenues and transfers total $73,823,772 which is
<br />an increase of 6.26% or $4,351,576 more than FY 2018. Property tax revenues
<br />total $44,192,440 an increase of 4.35% from FY 2018. Total assessed value was
<br />$5,540,454,530 an increase of 4.69% from FY 2018. The Tax Department
<br />collected 99.15% of the levy. Sales tax revenues totaled $14,669,199 a
<br />$799,243 or 5.61 % increase over FY 2018. Expenditures totaled $71,108,381
<br />which is an increase of $2,368,878 or 3.45% from FY 2018. Human Services,
<br />Public Safety, and Education account for the majority of the County's
<br />expenditures. Education expenditures for the Lee County Board of Education
<br />account for 39.38% of the General Fund including debt service. There was an
<br />available fund balance as of 6/30/19 of $17,102,400 which is an increase of
<br />$2,432,060 from FY 2018. Outstanding debt is $86, 341,495 which is 1.56% of
<br />the total assessed value for 2019. The financial policy maximum is 2%. Actual
<br />debt service payments are 15.96% of the General Fund Expenditures for FY
<br />2019. 15.0% is the financial policy maximum. Grant funds managed include
<br />$117,107,070. The County received $7,394,344 and direct vendor payments
<br />included $109, 712, 726. An update on capital projects was provided. A copy of
<br />the Comprehensive Annual Financial Report for year ended June 30, 2019 is
<br />available in the Clerk's Office at 408 Summit Drive, Sanford, NC 27330. No
<br />action was taken.
<br />V.B Presentation on debt funding for the library and multi -sport complex projects. - Dr.
<br />John Crumpton
<br />County Manager John Crumpton provided a presentation on debt funding for the
<br />library and multi -sport complex projects.
<br />Motion: Motion that manager and staff prepare and proceed on the sports
<br />complex project and bond referendum to be prepared for November 2020
<br />election ballot.
<br />Mover: Kirk Smith
<br />For: 5 - Amy Dalrymple, Arianna Del Palazzo, Dr. Andre Knecht, Cameron Sharpe,
<br />Kirk Smith
<br />Against: 1 - Robert Reives
<br />Absent: 1 - Kevin Dodson
<br />Motion Result: Passed
<br />Motion: Motion to move forward with the library/classroom project.
<br />Mover: Cameron Sharpe
<br />For: 6 - Amy Dalrymple, Arianna Del Palazzo, Dr. Andre Knecht, Robert Reives,
<br />Cameron Sharpe, Kirk Smith
<br />Absent: 1 - Kevin Dodson
<br />Motion Result: Passed
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