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<br /> General Fund Revenues
<br /> Third quarter FY2016-17 General Fund revenues total$183.2 million or 82.0% of budgeted revenues,which is up on a
<br /> revenue basis of$2.9 million from 3Q FY2015-16 total of$179.3 million,but is down by a percentage basis of revenues
<br /> to revised budget by 2.0%. This percentage decrease is attributed to lower collections currently in Sheriff charges for
<br /> services, Emergency Management Services backlog billings, and a reduction in Board of Elections charges for services
<br /> collections due to having only one election in FY2016-17 compared to three elections in FY2015-16.
<br /> Summary of Major General Fund Revenues
<br /> FY2016-17 FY2016-17 YID% FY2015-16 FY2015-16 YID
<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 $146,402,344 97.9% Property Tax $ 147,551,332 $ 147,551,332 $144,205,796 97.7%
<br /> Local Option Sales Tax 22,066,641 22,066,641 10,729,246 48.6% Local Option Sales Tax 20,652,132 20,652,132 9,863,998 47.8%
<br /> Licenses and Permits 328,000 328,000 153,285 46.7% Licenses and Permits 313,000 313,000 147,767 47.2%
<br /> Charges for Services 11,681,503 11,900,677 7,506,847 63.1% Charges for Services 10,766,030 10,827,314 7,203,414 66.5%
<br /> Intergovernmental 15,787,579 21,772,652 13,438,932 61.7% Intergovernmental 15,000,278 19,852,705 12,398,495 62.5%
<br /> Transfers from Other Funds 2,712,600 2,712,600 0 0.0% Transfers from Other Funds 1,052,600 1,052,600 1,052,600 100.0%
<br /> Investment Earnings 155,000 155,000 277,379 179.0% Investment Earnings 52,500 52,500 89,868 171.2%
<br /> Miscellaneous 886,734 1,034,837 4,703,635 454.5% Miscellaneous 737,468 980,434 4,386,345 447.4%
<br /> Fund Balance Appropriation 12,726,944 13,887,964 0 0.0% Fund Balance Appropriation 10,650,770 12,144,614 0 0.0%
<br /> General Fund Revenues 215,843,812 223,357,182 183,211,668 82.0% General Fund Revenues 206,776,111 213,426,631 179,348,283 84.0%
<br /> Property Tax Revenues
<br /> 3Q FY2016-17 Property Tax revenues total$146.4 million or 97.9%of budgeted revenues,which is $2.2 million higher
<br /> than the 3Q FY2015-16 total of$144.2 million or 97.7% of budgeted revenues. Property Tax revenues are due September
<br /> 1,with interest and penalties accruing January 2017. The tax office annual billing versus collection rate has historically
<br /> been at 99%, and the projected rate for this fiscal year is 99.3%.
<br /> Local Option Sales Tax Revenues
<br /> 3Q FY2016-17 revenues total$10.7 million or 48.6%of budgeted revenues,which is approximately$900,000 above the
<br /> 3Q FY2015-16 Sales Tax revenues of$9.8 million or 47.8%. This reflects six months of actual collections due to the
<br /> timing of receipts from the North Carolina Department of Revenue. The local government sales tax distributions in any
<br /> given month reflect actual sales made up to three months prior. For example,August collections reflect July vendor sales,
<br /> which are processed and allocated in September,with a local government distribution made on or before October 20. The
<br /> October payment was the first month's sales tax distribution allocated to the July-June fiscal year. The December
<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 for that month.
<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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