Agenda - 05-03-1993 - VII-D - Laserfiche WebLink

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ORANGE COUNTY 1 BOARD OF COMMISSIONERS Action Agenda ACTION AGENDA ITEM ABSTRACT Item No _p Meeting Date: May 3, 1993 SUBJECT: 1992-93 Budget Status DEPARTMENT Budget PUBLIC HEARING YES NO X ATTACHMENT(S) INFORMATION CONTACT Memo from Budget Director Sally Kost, ext 2151 TELEPHONE NUMBER Hillsborough 732-8181 Chapel Hill 968-4501 Mebane 227-2031 Durham 688-7331 PURPOSE: To receive a report on projected revenues and expenditures for 1992-93 and on proposed legislation in the North Carolina General Assembly that would affect the distribution of intangibles tax proceeds. BACKGROUND: The Budget staff has completed preliminary projections of 1992-93 revenues and expenditures. Lower than expected revenues in several major revenue categories are being offset by higher than anticipated receipts in other categories. Expenditures are expected to be well within budgeted appropriations. If there are no changes to the current process for distribution of intangibles tax proceeds, 1992-93 revenues are now projected to slightly exceed expenditures, without the use of any appropriated fund balance. If the General Assembly does adopt the proposed legislation, Orange County would not receive its expected August 1993 intangibles revenues until June 1994 . Because of the County' s accounting conventions, this would result in a reduction in the General Fund' s total fund balance at June 30, 1993, but would not change the available undesignated fund balance. Staff will explain and demonstrate how the proposed legislation might affect the balance sheet and financial condition, and provide a brief review of activity in major revenue categories. RECOMMENDATION: The Manager recommends that the Board receive the report as information.