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<br /> General Fund Revenues
<br /> Third quarter FY2015-16 General Fund revenues total $179.5 million or 84.1% of budgeted revenues,which is nearly$3
<br /> million higher than 3Q FY2014-15 total of$176.8 million or 84.9% of budgeted revenues. Property tax revenues accounts
<br /> for $2 million of this increase and sales tax revenues accounts for $441, 634 of this increase. Miscellaneous revenues
<br /> comprise the remaining increases reflecting Donations, Cardinal Innovations and Medicaid Hold Harmless payments. The
<br /> hold harmless payments offset the repeal of Article 44 Sales tax revenues in October 2009.
<br /> Summary of Major General Fund Revenues
<br /> FY2015-16 FY2015-16 YTD% FY2014-15 FY2014-15 YID
<br /> Category Original Budget Revised Budget YTD Actual Collected Category Original Budget Revised Budget YTD Actual Collected
<br /> Property Iax $ 147,551,332 $ 147,551,332 $ 144,202,513 97.7% Property Tax 145,714,650 $ 145,714,650 $ 142,228,637 97.6%
<br /> Local Option Sales Tax 20,652,132 20,652,132 9,863,998 47.8% Local Option Sales Tax 19,001962 19,001962 9,422,364 49.6%
<br /> Licenses and Permits 313,000 313,000 147,767 47.2% Licenses and Permits 313,000 313,000 165,827 53.0%
<br /> Charges for Services 10,766,030 10,827,314 7,036,916 65.0% Charges for Services 9,799,005 9,894,038 7,077,171 71.5%
<br /> Intergovernmental 15,000,278 19,852,705 12,276,541 61.8% Intergovernmental 13,575486 18992,481 12,837,259 67.6%
<br /> Transfers from Other Funds 1,052,600 1,052,600 1,052,600 100.0% Iransfers from Other Funds 1,052,600 1,052,600 1,052,600 100.0%
<br /> Investment Earnings 52,500 52,500 89,868 171.2% Investment Earnings 105,000 105,000 7,916 7.50/0
<br /> Miscellaneous 737,468 983,184 4,832,176 491.5% Miscellaneous 798,065 910,589 4,009,328 440.3%
<br /> Fund Balance Appropriation 10,650,770 12,144,614 - 0.0% Fund Balance Appropriation 10,068343 12,178,019 - 0.0%
<br /> Total General Fund Revenues 206,776,110 213,429,381 179,502,379 84.1% Total General Fund Revenues 200,428,111 208,162,339 176,801,102 84.9%
<br /> Property Tax Revenues
<br /> Property Tax budgeted revenues accounts for 71% of the total General Fund revenue budget. 3Q FY2015-16 Property Tax
<br /> revenues total$144.2 million or 97.7% of budgeted revenues,which is $2 million above the 3Q FY2014-15 total of
<br /> $142.2 million or 97.6% of budgeted revenues. Real and personal property taxes were due and collected September 1,
<br /> with interest and penalties accruing January 2016. The majority of the remaining revenues pertain to Motor Vehicle Tax
<br /> revenues which total$7.1 million or 79.4% of budgeted revenues as compared to $7 million or 86.5% of budgeted
<br /> revenues. The year-to-date percent of budgeted Property tax revenues difference between fiscal years is due to an increase
<br /> in the budgeted amount for Motor Vehicles taxes of$851,000 in FY2015-16. The State assumed responsibility for
<br /> collecting Motor Vehicles taxes in mid-2013.
<br /> Local Option Sales Tax Revenues
<br /> 3Q FY2015-16 Sales Tax revenues total$9.8 million or 47.8% of budgeted revenues,which is $441,000 above the 3Q
<br /> FY2014-15 Sales Tax revenues of$9.4 million or 49.6%. This reflects seven months of actual collections due to the
<br /> timing lag of receipts from the North Carolina Department of Revenue (NCDOR). The local government sales tax
<br /> distributions in any given month reflect actual sales made up to three months prior. The March 2016 distribution, as
<br /> historically is the case,includes a large number of calendar year end refunds,which results in lower net Sales Tax
<br /> revenues. The remaining five NCDOR remittances for FY2015-16 are expected to be received by the County on May 16,
<br /> June 15,July 16,August 17, and September 16. The last two payments will be accrued back to fiscal year-end June 30,
<br /> 2016 consistent with generally accepted accounting principles for revenue recognition. Sales tax revenue is not a straight-
<br /> lined monthly item with higher receipts projected during the last quarter of the fiscal year and correlated with increased
<br /> economic activity and taxable sales.
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