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2 <br /> General Fund Revenues <br /> General Fund revenues are 14.9% of budgeted revenues compared to 14.7%the prior fiscal year. Note the <br /> prior fiscal year included CARES Round 2 revenues and expenditures under the Intergovernmental revenue <br /> category. The reason there is no first quarter revenue variance is due to the increased property tax required to <br /> meet the County's debt service obligations which increased by $5.5 million through the first quarter of FY 2021- <br /> 22. <br /> • Property Tax collections are 17.3% of the total Property tax budget compared to 16.5% the prior fiscal <br /> year; this represents an improved economic environment. Real and personal taxes are due September 1 <br /> with peak tax collections occurring in December prior to the assessment of penalties and interest. <br /> Assessed Values for FY 2021-22 by statute are as of January 1, 2021. The property tax category includes <br /> real, personal, and motor vehicle taxes. As part of the financial planning, staff factored in a .5% <br /> reduction in the collection rate to account for impacts from the property revaluation. <br /> • Motor vehicles are 31.6% of the Motor Vehicle budget as compared to 29% in the prior fiscal year. <br /> COVID related State legislation allowed taxpayers to delay renewing their registrations and tax payments <br /> in the prior fiscal year. The FY 2021-22 positive variance is another indication of improved economic <br /> environment for a significant contingent of taxpayers. <br /> • Motor vehicle taxes are payable on the vehicle renewal date and the tax is based on market value of the <br /> vehicle. The State remits this tax to the County on a monthly basis. <br /> • Sales Tax has a three-month revenue lag from the NC Department of Revenue (NCDOR) with the first <br /> month of July collections to be received by local governments, including Orange County, in October. The <br /> flowchart below illustrates the three-month lag. <br /> Sequencing of Local Sales Tax Collections & Receipt <br /> July = Sale Aug. = Vendor Sept. = DoR Oct. 15 = County <br /> submits report reconciles receives $ <br /> The Finance Office has forecasted a 12% annual growth rate for FY 2021-22 reflecting a rebound from the <br /> recession impacts. The positive growth factors in strong Federal Stimulus, continued Online Sales and the <br /> 2 <br />