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<br /> Proceeds, and Emergency Services backlog billings. These variances are expected to be corrected by the third quarter of
<br /> the fiscal year.
<br /> Summary of Major General Fund Revenues
<br /> FY2016-17 FY2016-17 YTD% FY2015-16 FY2015-16 YTD%
<br /> Category Original Budget Revised Budget YTD Actual Collected Category Original Budget Revised Budget YTD Actual Collected
<br /> Property Tax $ 149,498,811 $ 149,498,811 $118,412,891 79.2% Property Tax 147,551,332 $ 147,551,332 $121,175,552 82.1%
<br /> Local Option Sales Tax 22,066,641 22,066,641 4,581,981 20.8% Local Option Sales Tax 20,652,132 20,652,132 4,321,358 20.9%
<br /> Licenses and Permits 328,000 328,000 77,742 23.7% Licenses and Permits 313,000 313,000 77,552 24.8%
<br /> Charges for Services 11,681,503 11,891,529 4,424,226 37.2% Charges for Services 10,766,030 10,807,314 4,607,067 42.6%
<br /> Intergovemnnmtal 15,787,579 18,669,438 6,917,852 37.1% hrtergovemnrntal 15,000,278 18,524,600 7,604,906 41.1%
<br /> Transfers from Other Funds 2,712,600 2,712,600 0 0.0% Transfers from Other Funds 1,052,600 1,052,600 - 0.0%
<br /> Investment Earnings 155,000 155,000 29,718 19.2% Investn ntEarninggs 52,500 52,500 26,494 50.5%
<br /> Miscellaneous 886,734 1,032,923 359,277 34.8% Miscellaneous 737,468 940,734 711,802 75.7%
<br /> Fund Balance Appropriation 12,726,944 13,887,964 0 0.0% Fund Balance Appropriation 10,650,770 10,826,066 - 0.0%
<br /> General Fund Revenues 215,843,812 220,242,906 134,803,687 61.2% General Fund Revenues 206,776,111 210,720,278 138,524,730 65.7%
<br /> Property Tax Revenues
<br /> 2Q FY2016-17 Property Tax revenues total $118.4 million or 79.2%of budgeted revenues,which is $2.3 million lower
<br /> than the 2Q FY2015-16 total of$121.1 million or 82.1%of budgeted revenues. This is a timing variance which is
<br /> expected to be corrected following the assessment of late penalties and interest charges which accrue January 2017. The
<br /> billing versus collection rate is projected to be in the high 90 percentile by January 31. The tax office annual billing versus
<br /> collection rate has historically been at 99%,and that remains the projected rate for this fiscal year.
<br /> Local Option Sales Tax Revenues
<br /> 2Q FY2016-17 revenues total $4.5 million or 20.8%of budgeted revenues,which is $260,000 above the 2Q FY2015-16
<br /> Sales Tax revenues of$4.3 million or 20.9%. This reflects three months of actual collections due to the timing of receipts
<br /> from the North Carolina Department of Revenue. The local government sales tax distributions in any given month reflect
<br /> actual sales made up to three months prior. 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 was the first month's sales tax distribution allocated to the July-June fiscal year. The December 2016
<br /> distribution, as historically is the case,includes a large number of calendar year end refunds,which results in significantly
<br /> lower net Sales Tax revenues.
<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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