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<br />1 <br /> <br />FINANCE and ADMINISTRATIVE SERVICES <br />Gary Donaldson, CTP, Chief Financial Officer | gdonaldson@orangecountync.gov | PO Box 8181, Hillsborough, NC 27278 | 919.245.2453 <br /> <br />MEMORANDUM <br />To: Board of County Commissioners <br />From: Gary Donaldson, Chief Financial Officer <br />Date: November 12, 2020 <br />Re: Financial Report- First Quarter FY 2020-21 <br />_____________________________________________________________________________________ <br />This Financial Report for the First Quarter of FY 2020-21 provides Economic Outlook and Budget versus Actual <br />variances with comparisons to the prior fiscal year. Greater emphasis is focused on economically sensitive <br />revenue sources in view of the COVID-19 induced recession. <br />Near to Mid Term Economic Outlook <br />Near Term Phase 3- Executive Order 169 which eased public health restrictions represents the near term <br />economic prospect for governments and businesses. The Phase 3 extension will continue to be monitored in <br />relationship with any impact on sales tax and charges for services revenues. <br />Mid Term UNC-Charlotte 2021 Economic Forecast released September 23, 2020 is enclosed for your <br />review. UNC-Charlotte Economic Forecast the Gross State Product (GSP) at 3.6% for 2021 as compared to a <br />forecasted GSP of -4.5 % for 2020. The next UNC-Charlotte update is scheduled to be released December 10, <br />2020. <br />General Fund Summary (Chart on next page) <br />2