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2 <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br /> FINANCE and ADMINISTRATIVE SERVICES <br /> Gary Donaldson,CTP,Chief Financial Officer I gdonaldson@orangecountync.gov I PO Box 8181, Hillsborough, NC 27278 919.245.2453 <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 /> 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 /> 1 <br />