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level and the more that we da, the better we are. The more we get people to work as a group, the mare effective we are. Commissioner Gordon feels that teamwork is important. She feels we have an excellent staff. She said that it was important that she have everything thoroughly laid out. It really helps that the County Commissioners have adequate background information from the staff. She thinks the staff has been responsive to this and she appreciates it. Chair Jacobs asked that someone try to group these comments and test them against our goals and see what is covered and what is not covered, and how they might be integrated into a present goal ar new goal. John Link said that he will group these and indicate whether it is related to an ongoing initiative or anew goal or initiative. Commissioner Carey asked that John Link confer with the Health Director and do a resolution about the Blue Cross public funds. 2. FISCAL UPDATE Budget Director Donna Dean made this presentation. The information presented is as of the end of January. The County's financial condition remains strong and the undesignated fund balance at the end of the fiscal year was $13.53 million, which is about 12.23 percent of total 2000-01 general fund expenditures. The total amount budgeted from sales tax was $15.7 million. The first quarter receipts totaled $3.7 million, which is the strongest first quarter collection since 1997-98. The second quarter receipts are due February 15t" During the first half of the year, the Register of Deeds office experienced a 71-percent increase in activity over the same period last year. If this continues, the Register of Deeds will collect $300,000 to $400,000 mare than budgeted. The state does anticipate a funding deficit of $700 to $900 million in the current fiscal year. It is uncertain whether the County will receive the remaining $470,000 in inventory and intangible tax reimbursements. Recently approved State legislation eliminates these revenues effective July 1, 2003 and local entities may enact aone-half cent local option sales tax to replace lost revenues. In answer to a question from Commissioner Halkiotis, John Link said that Medicaid casts would increase approximately $300,000 this year. Donna Dean said that other revenues we see leveling off potentially next year are the sales tax receipts. Other challenges include debt service on the 1997 bonds. Fiscal year 2002-03 will see the full impact of all bonds issued. The projected debt service for the bonds totals $1.7 million or 1.8 to 1.9 cents on the property tax. The impact of the 2001 bonds and alternative financing depends an the direction given by the Board of County Commissioners regarding proposed timelines. If the County Commissioners stay with the December 11t" proposal, the projected debt service ranges between $493,000 and $609,100, which is one-half to two-thirds of an estimated one-cent on the tax rate. Preliminary estimates far the opening of Cedar Ridge High Schaal range from $1.2 to $1.7 million. The total would be offset by about $485,000 in interest earnings on COPS.