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Have requested additional information from NC Department of Revenue <br />. Will update Board once information is received and analyzed by Budget Staff <br />Overview of Other Major Funding Sources <br />^ Investment Earnings -current budget of $460,000 <br />. Based on information from fiscal analysts, anticipate some increase in interest rates aver <br />next 18 to 24 months <br />^ Fees, Licenses, Permits <br />. Current budget of $8.5 million <br />. Includes $1.8 million in Register of Deeds fees and about $2.1 million in Sheriff fees <br />. Remainder of fees consist mainly of Planning, Inspections, Health fees <br />. All are expected to remain constant next fiscal year <br />Overall Funding Sources <br />^ Preliminary revenue estimates for fiscal year 2005-06 are conservative with 2°~ to 3% <br />projected overall increase <br />Fund Balance Facts <br />^ Largest influx of cash to local governments comes between November and January of each <br />year when the majority of property taxes are paid <br />. In other words, we have reached our "peak" with regard to collections for the current fiscal <br />year <br />^ Fund balance serves as "cash safety net" and enables entities to: <br />. "Pay the bills" during slower revenue collection periods and <br />. Meet unforeseen needs should they arise <br />^ Local Government Commission (LGC) strongly recommends that agencies maintain at least <br />8°/n of prior year expenditures in available fund balance to meet current obligations and <br />prevent unit from experiencing cash flow difficulties <br />^ County's current fund balance level is 9.59% of actual expenditures {$129.2 million) <br />. About $12.5 million <br />Available Fund Balance <br />County Trend Compared to Statewide Average (1) <br />Orange County Expenditure Update and Outlook <br />2004-05 Budget by Component <br />Original Budget 7ofa/ed $736.4 Million <br />Expenditure Reductions and Savings To-Date <br />^ With adoption of 2004-05 County budget, Board directed staff to identify $400,000 in <br />expenditure reductions to off-set additional decrease of .4 cent in the recommended tax rate <br />. Savings realized to date <br />. Lower than anticipated health insurance renewal rates - in the neighborhood of <br />$300,000 <br />. Lower than anticipated debt service -around $85,000 <br />. Hiring delays of vacant positions -between $550,000 and $600,000 <br />Current Year Expenditures <br />^ Overall, expenditures for all departments are in-line with where we should be at mid-year <br />^ Closely Watching Public Assistance <br />