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<br /> $1,742,466 as compared to $2,581.038 during 1Q FY2015-16,with timing variances in several Children and Family
<br /> Services and Economic Services programs. Property Tax revenues, including motor vehicles,reflects an increase of 1.1%
<br /> over 1Q FY2015-16,which is consistent with the forecasted 1.3% growth in assessed valuation in FY2016-17.
<br /> Summary of Major General Fund Revenues
<br /> FY2016-17 FY2016-17 YID% FY2015-16 FY2015-16 YTD%
<br /> Category Original Budget Revised Budget YTD Actual Collected Category Original Budget Revised Budget YID Actual Collected
<br /> Property Tax $ 149,498,811 $ 149,498,811 $ 20,612,100 13.8% Property Tax $ 147,551,332 $ 147,551,332 $ 18,746,742 12.7%
<br /> Local Option Sales Tax 22,066,641 22,066,641 10 0.0% Local Option Sales Tax 20,652,132 20,652,132 - 0.0%
<br /> Licenses and Permits 328,000 328,000 1,601 0.5% Licenses and Permits 313,000 313,000 1,207 0.4%
<br /> Charges for Services 11,681,503 11,702,503 1,914,848 16.4% Charges for Services 10,766,030 10,772,114 2,363,703 21.9%
<br /> Intergovernmental 15,787,579 17,300,131 2,277,038 13.2% Intergovernmental 15,000,278 15,234,098 3,389,114 22.2%
<br /> Transfers from Other Funds 2,712,600 2,712,600 - 0.0% Transfers from Other Funds 1,052,600 1,052,600 - 0.0%
<br /> Investment Earnings 155,000 155,000 - 0.0% Investment Earnings 52,500 52,500 5,656 10.8%
<br /> Miscellaneous 886,734 983,287 112,638 11.5% Miscellaneous 737,468 841,121 190,871 22.7%
<br /> Fund Balance Appropriation 12,726,944 12,726,944 - 0.0% Fund Balance Appropriation 10,650,770 10,804,066 - 0.0%
<br /> General Fund Revenues $ 215,843,812 $ 217,473,917 $ 24,918,235 11.5% General Fund Revenues $ 206,776,110 $ 207,272,963 $24,697,293 11.9%
<br /> Property Tax Revenues
<br /> 1Q FY2016-17 Property Tax revenues total$20.6 million or 13.8%of budgeted revenues as compared to $18.7 million or
<br /> 12.7%in the prior year. This increase is consistent with the forecasted 1.3% growth in assessed valuation for the current
<br /> fiscal year. It is important to note that Property Tax revenues are due September 1,with interest and penalties accruing
<br /> January 2017. The Tax Administration office historical billing versus collection rate is 99%. Property Tax budgeted
<br /> revenues accounts for more than 70% of the total General Fund revenue budget. The property tax category includes real,
<br /> personal, and motor vehicle taxes. Motor vehicle taxes are payable on the vehicle renewal date and the tax is based on
<br /> market value of the vehicle. The State remits this tax to the County on a monthly basis.
<br /> Local Option Sales Tax Revenues
<br /> 1Q FY2016-17 and 1Q FY2015-16 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 /> comprised of up to three months prior collections. For example,August collections reflect July vendor sales,which are
<br /> processed and allocated in September,with a local government distribution made on or before October 20. The October
<br /> payment is the first month's sales tax distribution allocated to the July-June fiscal year. The second quarter financial
<br /> report will include Sales Tax revenues activity following the North Carolina Department of Revenue computation and
<br /> distribution to local 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 and proceeds are
<br /> allocated with local government units within the County. Food purchases are taxable. There is no restricted use.
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