TITLE
Title
ESTABLISH SPECIAL REVENUE FUNDS FOR "FINES AND FORFEITURES", "DSS REPRESENTATIVE PAYEE” AND “OPIOID SETTLEMENT FUND” TO COMPLY WITH ANNUAL FINANCIAL REPORTING
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Sponsor
Sponsor
Derrick Bennett and Toy Beeninga
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BACKGROUND
Background
GASB 84, has taken effect for Annual Financial Reporting and will require changes to the current financial structure. The new guidelines prompted a reevaluation of the current structure and required Finance to establish two Special Revenue Funds, which are consistent with GASB 33, and guidance from the North Carolina, State and Local Government Finance Division and the Local Government Commission. Finance will reclassify "Fines and Forfeitures, which under the NC Constitution Article IX states that any fines and forfeitures collected in the county should be appropriated and used exclusively for maintaining public schools within the county. A majority of the Fines and Forfeitures revenue is received through the Law Enforcement Department, and "DSS Representative Payee", which receives revenues such as those imposed Social Security Rulings and Social Security disbursements on behalf of individuals who are wards of the county. This usually pertains to individuals under the age of 18 or those assigned by courts. Funds received are held in an account for the individual and disbursed as required. Additionally, the County is expecting settlements funds related to the opioid crisis from the state and guidance require funds to be deposited into a separate Special Revenue Fund. These changes align the financial structure with the appropriate type of revenue receipts and required financial reporting.
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BUDGET IMPACT
Budget Impact
Budget Ordinance Amendment
Special Revenue Funds
Fines and Forfeiture
$4,000,000 Increase in Revenue
$4,000,000 Increase in Appropriations
DSS Representative Payee
$4,000,000 Increase in Revenue
$4,000,000 Increase in Appropriations
Opioid Settlement Fund
No Budget Impact
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