Orange County NC Website
Browse       Search
memo Board Members <br /> December 30, 1981 <br /> Page 2 <br /> 2. Growth in property values during 1981 calendar year is bleak, with <br /> new home starts down by at least 50% in the County. Secondly there <br /> will. be a good number of appeals during 1982 to the Board of Equali- <br /> zation and Review due to some sales of like property which have sold <br /> during 1981 for less than the appraised value as of January 1981. <br /> 3. The County came into this year with an unreserved fund balance of <br /> $165,974. This compared with $711,970 as of June 30, 1980. Unless <br /> the amount is raised through underspending during the last half of <br /> Fy 1981-82 there will be a shortfall of cash needed for accounts <br /> payable and payroll for the months July thru November of 1982. <br /> Underspending will not be easy as the Board, in the interest of <br /> having the lowest possible tax rate after a revaluation, cut the <br /> budget before its adoption. <br /> 4. on the positive side more revenue should be derived from sales taxes. <br /> First quarter collection was $493,554 of the $1,839,538 budgeted for <br /> the y.ar. <br /> 5. Intangible tax may not equal last year when $554,000 was collected; <br /> $425,000 was budgeted for this year. It comes as a one time pay- <br /> ment in August for the year preceeding. <br /> 6. Interest on investments likewise is difficult to project. The County <br /> has had less to invest and whereas interest rates in January of last <br /> year were 15.3 we expect 12.2 in January of 1982. <br /> 7. Revenue sharing which amounts to $50Q.,OOC in the 1981--82 budget is <br /> expected to be cut 12% ($.60,000) in the coining year. <br /> All of this amounts to the need for watchfulness in the coming months <br /> and undexspendiag where possible. I seek your guidance on measures <br /> you feel should be taken. More detailed information will be shared <br /> as you desire. <br /> MT/sw <br />