Orange County NC Website
1 <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: May 4, 2021 <br /> Re: Financial Report-Third Quarter FY 2020-21 <br /> This Third Quarter Financial Report provides an updated status of Revenue and Expenditure of the County's <br /> Operating Funds as compared with the prior fiscal year. Following a review of the first nine months of FY 2020- <br /> 21 General Fund, Sportsplex and Visitors Bureau revenues are projected to be lower than budgeted (Tables 1 <br /> and 2). <br /> Table 1: FY 2020-21 General Fund Revenue Losses <br /> COVID-19 Recession Impacted Revenues Notes <br /> Federal Detention Fees $ (1,000,000) Potential to be larger revenue declines <br /> Motor Vehicle Tax $ (700,000) Lower motor vehicle sales <br /> Investment Earnings $ (500,000) Lower interest rate environment <br /> Planning/Inspection Fees $ (400,000) Decreased inspections due to permittee closures <br /> DEAPR Fees $ (400,000) Facility closures <br /> Estimated Revenue Loss $ (3,000,000) <br /> Table 2: FY 2020-21 Sportsplex and Visitors Bureau Revenue Losses <br /> COVID-19 Recession Impacted Revenues Notes <br /> Sportsplex Fees $ (1,400,000) Closures due to health protocols <br /> Visitors Bureau Occupancy Tax $ (600,000) Decreased travel and lodging <br /> Estimated Revenue Loss $ (2,000,000) <br /> The estimated revenue losses are consistent with the First Quarter and Second Quarter report estimates. The <br /> revenue declines are expected to stabilize as this fiscal year ends. The attached UNC-Charlotte Economic <br /> Forecast points to increasingly improved economic outlook as vaccinations expand and Executive Order 204 <br /> continues easing North Carolina public health restrictions. <br /> 1 <br />