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<br /> Summary of Major General Fund Revenues
<br /> FY2015-16 FY2015-16 YTD% FY2014-15 FY2014-15 YTD%
<br /> Category Original Budget Revised Budget YTD Actual Collected Category Original Budget Revised Budget YTD Actual Collected
<br /> Property Tax $ 147,551,332 $ 147,551,332 $ 18,746,742 12.7% Property Tax 145,714,650 $ 145,714,650 $18,761,899 12.9%
<br /> Local Option Sales Tax 20,652,132 20,652,132 - 0.0% Local Option Sales Tax 19,001,962 19,001,962 - 0.0%
<br /> Licenses and Permits 313.000 313.000 1,207 0.4% Licenses and Permits 313.000 313.000 342 0.1%
<br /> Charges for Services 10,766,030 10,772,114 2,320,306 21.5% Charges for Services 9,799,005 9,806,153 2,130,084 21.7%
<br /> Intergovernmental 15,000,278 15,234,098 3,313,421 21.8% Intergovernmental 13,575,486 13,730,768 3,462,016 25.2%
<br /> Transfers from Other Funds 1,052278 1.052.600 - 0.0% Transfers from Other Funds 1.052.600 1.052.600 - 0.0%
<br /> Investment Earnings 52,500 52,500 5,656 10.8% Investment Earnings 105,000 105,000 1,620 1.5%
<br /> Miscellaneous 737.468 841.121 133.797 15.9% Miscellaneous 798.065 895,224 182.172 20.3%
<br /> Fund Balance Appropriatio 10,650,770 10,804,066 - 0.0% Fund Balance Appropriatio 10,068,343 10,150,647 - 0.0%
<br /> General Fund Revenues 206,776,110 207,272,963 24,521,129 11.8% General Fund Revenues 200,428,111 200,770,004 `$24,538,133 12.2%
<br /> Property Tax Revenues
<br /> 1Q FY2015-16 Property Tax revenues total$18.7 million or 12.7% of budgeted revenues,which is consistent with 1Q
<br /> FY2014-15 total of$18.7 million or 12.9% of budgeted revenues,with actual collections in FY2015-16 less than FY2014-
<br /> 2015 collections in the first quarter by 515,157. It is important to note that Property Tax revenues are due September 1,
<br /> with interest and penalties accruing January 2016. The billing versus collection rate is projected to be in the high 90
<br /> percentile by December 31. The tax office annual billing versus collection rate is 99%.Property Tax budgeted revenues
<br /> accounts for 71% of the total General Fund revenue budget.
<br /> Local Option Sales Tax Revenues
<br /> 1Q FY2015-16 and 1Q FY2014-15 Sales Tax revenues total$0. This is attributed to the timing of receipts from the North
<br /> Carolina Department of Revenue. The local government sales tax distributions in any given month reflect actual sales
<br /> made up to three months prior. For example, August collections reflect July vendor sales,which are processed and
<br /> allocated in September,with a local government distribution made on or before October 20. The October payment is the
<br /> first month's sales tax distribution allocated to the July-June fiscal year. The 2Q FY2015-16 report will include Sales Tax
<br /> revenues activity following the North Carolina Department of Revenue computation and distribution to local
<br /> governments.
<br /> The North Carolina Department of Revenue administers the following monthly disbursement of local option sales taxes
<br /> recorded in the County's General Fund:
<br /> • Article 39 (one-cent) - authorized in 1971, and is currently allocated on a point of delivery basis.
<br /> • Article 40 (half-cent) - authorized in 1983, and is currently allocated on a per capita basis.
<br /> • Article 42 (half-cent) - authorized in 1986, and is currently allocated on a point of delivery basis.
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