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<br />
<br />Second quarter FY2017-18 General Fund revenues total $142.8 million or 64.3% of budgeted revenues, which is up by
<br />$8.0 million from 2Q FY2016-17 total of $134.8 million or 61.2% of budgeted revenues. This increase represents a timing
<br />variance in the receipt of property tax collections, continued increase in Emergency Services collections from bringing the
<br />billing in-house, and increased Jail Fees from an increase in the per diem rate for housing Federal detainees.
<br />Summary of Major General Fund Revenues
<br />
<br />Property Tax Revenues
<br />2Q FY2017-18 Property Tax revenues total $123.3 million or 81.4% of budgeted revenues, which is $4.9 million higher
<br />than the 2Q FY2016-17 total of $118.4 million or 79.2% of budgeted revenues. The property tax revenues variance is
<br />attributed to the timing of the receipt of collections and a 1.2% tax levy increase from new construction. The County
<br />completed a revaluation and implemented a revenue neutral rate which decreased the tax rate from 87.80 cents per $100 of
<br />value to 83.77 cents per $100 of value. There has been no major tax appeal issue from the revaluation, and the billing
<br />versus collection rate is projected to be in the high 90 percentile by January 31.
<br />Local Option Sales Tax Revenues
<br />2Q FY2017-18 revenues total $6.1 million or 26.1% of budgeted revenues, which is $1.6 million above the 2Q FY2016-
<br />17 Sales Tax revenues of $4.6 million or 20.8%. This reflects three months of actual collections due to the timing of
<br />receipts from the North Carolina Department of Revenue. The local government sales tax distributions in any given
<br />month reflect actual sales made up to three months prior. For example, August collections reflect July vendor sales,
<br />which are processed and allocated in September, with a local government distribution made on or before October 20. The
<br />October payment was the first month’s sales tax distribution allocated to the July-June fiscal year. Historically, the
<br />December distribution each year includes a large number of calendar year end refunds, which results in significantly
<br />lower net Sales Tax revenues. For 2Q FY2017-18, the refunds did not occur in December, and will instead be reflected in
<br />January 2018, so that is why Sales Tax revenue shows an increase in 2Q FY2017-18 compared to 2Q FY2016-17.
<br />The North Carolina Department of Revenue administers the following monthly disbursement of local option sales taxes
<br />recorded in the County’s General Fund:
<br />• Article 39 (one-cent) - authorized in 1971, and is currently allocated on a point of delivery basis and proceeds are
<br />allocated with local government units within the County. Food purchases are taxable. There is no restricted use.
<br />
<br />Category
<br />FY2017-18 Original
<br />Budget
<br />FY2017-18
<br />Revised BudgetYTD Actual
<br />YTD %
<br />Collected Category
<br />FY2016-17
<br />Original Budget
<br />FY2016-17
<br />Revised BudgetYTD Actual
<br />YTD %
<br />Collected
<br />Property Tax151,557,768$ 151,557,768$ 123,361,954$ 81.4%Property Tax 149,498,811$ 149,498,811$ 118,412,891$ 79.2%
<br />Local Option Sales Tax 23,566,784 23,566,784 6,140,408 26.1%Local Option Sales Tax 22,066,641 22,066,641 4,581,981 20.8%
<br />Licenses and Permits 328,000 328,000 74,546 22.7%Licenses and Permits 328,000 328,000 77,742 23.7%
<br />Charges for Services 11,551,045 11,473,448 5,843,072 50.9%Charges for Services 11,681,503 11,891,529 4,424,226 37.2%
<br />Intergovernmental 16,035,147 17,003,273 5,473,753 32.2%Intergovernmental 15,787,579 18,669,438 6,917,852 37.1%
<br />Transfers from Other Funds 3,765,600 3,765,600 0 0.0%Transfers from Other Funds 2,712,600 2,712,600 0 0.0%
<br />Investment Earnings 265,000 265,000 213,519 80.6%Investment Earnings 155,000 155,000 29,718 19.2%
<br />Miscellaneous 2,817,629 2,969,011 1,668,966 56.2%Miscellaneous 886,734 1,032,923 359,277 34.8%
<br />Fund Balance Appropriation 9,769,060 11,143,693 0 0.0%Fund Balance Appropriation 12,726,944 13,887,964 0 0.0%
<br />Total General Fund Revenues219,656,033 222,072,577 142,776,218 64.3%Total General Fund Revenues215,843,812 220,242,906 134,803,687 61.2%
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