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<br />
<br />Intergovernmental revenues in Social Services decrease of approximately $4.5 million and commensurate expenditure
<br />decrease is attributed to the State now directly funding Child Day Care services.
<br />Summary of Major General Fund Revenues
<br />
<br />Property Tax Revenues
<br />3Q FY2017-18 Property Tax revenues total $150.3 million or 99.2% of budgeted revenues as compared to $146.4 million
<br />or 97.9% in the prior year. This increase is largely attributed to lower tax appeals. The Tax Office initially projected
<br />appeals of 10% or 6,000 parcels. The revaluation resulted in 2,226 appeals or 4% of taxable parcels. The County expects
<br />to meet both the budgeted and billable amounts by the close of the fiscal year. The revaluation increased the commercial
<br />tax base composition from 16% to 19% of the total tax base. Real, personal and motor vehicles tax revenues accounts for
<br />more than 70% of the total General Fund revenue budget. Motor vehicle taxes are payable on the vehicle renewal date and
<br />the tax is based on market value of the vehicle with the State remitting this tax to the County on a monthly basis.
<br />Local Option Sales Tax Revenues
<br />3Q FY2017-18 revenues total $11 million or 47% of budgeted revenues, which are approximately $300,000 above the 3Q
<br />FY2017-18 of $10.7 million or 48.6% and is consistent with the budgeted increase. This reflects six months of actual
<br />collections due to the timing of receipts from the North Carolina Department of Revenue. The local government sales tax
<br />distributions in any given month reflect actual sales made up to three months prior. For example, August collections
<br />reflect July vendor sales, which are processed and allocated in September, with a local government distribution made on
<br />or before October 20. The October payment was the first month’s sales tax distribution allocated to the July-June fiscal
<br />year. The December distribution, as historically is the case, includes a large number of calendar year end refunds, which
<br />results in significantly lower net Sales Tax revenues for that month.
<br />The North Carolina Department of Revenue administers the following monthly disbursement of local option sales taxes
<br />recorded in the County’s General Fund:
<br />• Article 39 (one-cent) - authorized in 1971, and is currently allocated on a point of delivery basis and proceeds are
<br />allocated with local government units within the County. Food purchases are taxable. There is no restricted use.
<br />• Article 40 (half-cent) - authorized in 1983, and it is currently allocated on a per capita basis; based upon the
<br />county’s population in relation state population total; proceeds are allocated with local government units within
<br />the County. Food purchases are taxable. Thirty percent of this tax is for school capital outlay or debt retirement.
<br />Category
<br />FY2017-18
<br />Original Budget
<br />FY2017-18
<br />Revised BudgetYTD Actual
<br />YTD %
<br />Collected Category
<br />FY2016-17
<br />Original Budget
<br />FY2016-17
<br />Revised BudgetYTD Actual
<br />YTD %
<br />Collected
<br />Property Tax 151,557,768$ 151,557,768$ 150,322,225$ 99.2%Property Tax 149,498,811 149,498,811$ 146,403,061$ 97.9%
<br />Local Option Sales Tax23,566,784 23,566,784 11,079,944 47.0%Local Option Sales Tax 22,066,641 22,066,641 10,729,246 48.6%
<br />Licenses and Permits 328,000 328,000 146,215 44.6%Licenses and Permits 328,000 328,000 153,285 46.7%
<br />Charges for Services 11,551,045 11,473,448 8,582,641 74.8%Charges for Services 11,681,503 11,900,677 7,563,068 63.6%
<br />Intergovernmental 16,035,147 17,223,266 8,839,164 51.3%Intergovernmental 15,787,579 21,772,652 13,438,472 61.7%
<br />Transfers from Other Funds3,765,600 3,775,600 - 0.0%Transfers from Other Funds2,712,600 2,712,600 - 0.0%
<br />Investment Earnings 265,000 265,000 495,916 187.1%Investment Earnings 155,000 155,000 277,379 179.0%
<br />Miscellaneous 2,817,629 2,972,011 7,143,033 240.3%Miscellaneous 886,734 1,048,083 4,828,618 460.7%
<br />Fund Balance Appropriation 9,769,060 11,143,693 - 0.0%Fund Balance Appropriation 12,726,944 13,887,964 - 0.0%
<br />General Fund Revenues219,656,033 222,305,570 186,609,138 83.9% General Fund Revenues215,843,812 223,370,428 183,393,129$ 82.1%
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