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<br /> revenues reflect a decrease of 1.0%over 1Q FY2016-17,but is consistent with the percentage collections when compared
<br /> to the first quarter collections for the past three fiscal years.
<br /> Summary of Major General Fund Revenues
<br /> FY2017-18 FY2017-18 YTD% FY2016-17 FY2016-17 YTD%
<br /> Category Original Budget Revised Budget YTD Actual Collected Category Original Budget Revised Budget YTD Actual Collected
<br /> Property Tax $ 151,557,768 $ 151,557,768 $ 19,440,277 12.8% Property Tax 149,498,811 $ 149,498,811 $ 20,614,060 13.8%
<br /> Local Option Sales Tax 23,566,784 23,566,784 - 0.0% Local Option Sales Tax 22,066,641 22,066,641 10 0.0%
<br /> Licenses and Permits 328,000 328,000 573 0.2% Licenses and Permits 328,000 328,000 1,601 0.5%
<br /> Charges for Services 11,551,045 11,475,323 2,493,435 21.7% Charges for Services 11,681,503 11,702,503 2,126,995 18.2%
<br /> Intergovernmental 16,035,147 16,854,603 1,352,500 8.0% Intergovernmental 15,787,579 17,300,131 2,391,920 13.8%
<br /> Transfers from Other Funds 3,765,600 3,765,600 - 0.0% Transfers from Other Funds 2,712,600 2,712,600 - 0.0%
<br /> Investment Earnings 265,000 265,000 101,794 38.4% Investment Earnings 155,000 155,000 25,603 16.5%
<br /> Miscellaneous 2,817,629 2,966,788 229,469 7.7% Miscellaneous 886,734 983,287 249,771 25.4%
<br /> Fund Balance Appropriatiol 9,769,060 9,769,060 - 0.0% Fund Balance Appropriatiol 12,726,944 12,726,944 - 0.0%
<br /> General Fund Revenues 219,656,033 220,548,926 23,618,049 10.7% General Fund Revenues 215,843,812 217,473,917 $ 25,409,960 11.7%
<br /> Property Tax Revenues
<br /> 1Q FY2017-18 Property Tax revenues total $19.4 million or 12.8%of budgeted revenues as compared to $20.6 million or
<br /> 13.8%in the prior year. This decrease is due to a timing variance as to when Property Taxes are paid, and this percentage
<br /> of 12.8%is consistent with the percentage collections in 1Q FY2015-16 and 1Q FY2014-15. It is important to note that
<br /> Property Tax revenues are due September 1,with interest and penalties accruing January 2018. The Tax Administration
<br /> office historical billing versus collection rate is 99%. Property Tax budgeted revenues accounts for more than 70%of the
<br /> total General Fund revenue budget. The property tax category includes real,personal, and motor vehicle taxes. Motor
<br /> vehicle taxes are payable on the vehicle renewal date and the tax is based on market value of the vehicle. The State remits
<br /> this tax to the County on a monthly basis.
<br /> Local Option Sales Tax Revenues
<br /> Sales Tax revenues normally total $0 in the first quarter of the new fiscal year. This is attributed 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 comprised of up to three months prior collections. 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 is the first month's sales tax distribution allocated to the July-June fiscal year. The second quarter
<br /> financial report will include Sales Tax revenues activity following the North Carolina Department of Revenue
<br /> computation and 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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