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Commissioner Gordon said that she was told at the Durham-Chapel Hill-Carrboro TAC <br /> meeting that there may be a second round of stimulus funding. The message was to get <br /> projects ready. She does not know any more than that. <br /> Financial Services Director Clarence Grier introduced the Finance staff: Michael <br /> Talbert, Deputy Finance Director; Allison Chambers, Budget Technician; Paul Laughton, <br /> Management Analyst; and Tonya Walton, Management Analyst. <br /> 2. Budget Presentation, Guiding Principles, Board Consideration <br /> He made the PowerPoint presentation. <br /> Board of County Commissioners <br /> Budget Work Session <br /> February 11, 2010 <br /> General Fund Revenue by Category <br /> Revenues <br /> •Property Taxes - Little Growth in Tax Base <br /> •Sales Taxes — Flat 2010 & Little growth expected in 2010/2011 <br /> •State Budget & Shared Revenues - Uncertain <br /> Property Tax <br /> • 74% of the General Fund <br /> •99% Historical High Collection Rate <br /> •2009/2010 <br /> Real Property Collection = $123 million <br /> Vehicles ($8.2 million 2009) est $ 7 million <br /> Sales Tax <br /> • Everything Has Changed <br /> Counties Held Harmless for Medicaid <br /> Hold Harmless for Cities <br /> Article 44 eliminated <br /> Distribution of Article 42 - Point of Delivery <br /> •lmpact <br /> Retail Sales Down State Wide <br /> Budgeted Revenues $2.5 Million less than 2008/2009 <br /> Hold Harmless from State +$2.6 Million <br /> General Fund Appropriation by Function (chart) <br /> FUND BALANCE POLICY <br /> Undesignated Fund Balance <br /> The County will strive to maintain undesignated balance in the general fund at a level sufficient <br /> to meet its budgeted goals, to be determined annually. The amount of undesignated fund <br /> balance maintained during each fiscal year should not be less than eight percent of budgeted <br /> general fund operating expenditures that fiscal year. <br />