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3 <br /> easing of COVID public health at eating and drinking businesses, athletic and entertainment events and <br /> hospitality and leisure sector. As stated in NC State University enclosed report: [The massive federal financial <br /> assistance provided during the pandemic pushed statewide personal income and retail sales above pre-pandemic <br /> levels]. <br /> • Charges for services are 23.8% of the budget as compared to 17.4% lower the prior fiscal year. The <br /> increase is attributed to easing of COVID-19 public health measures throughout the County. This <br /> category has rebounded primarily for Register of Deeds Excise Stamps paid on home sales and <br /> Emergency Medical Charges for ambulance service. This category will be monitored closely for any <br /> further impact from the Delta variant. <br /> • Miscellaneous revenue variance of 3.2% of budgeted revenues as compared to 6.8% the prior fiscal year <br /> is due to lowering interest earnings assumptions; $10,000 in investment earnings is budgeted for FY <br /> 2021-22 as there continues to be limited yield opportunities in the securities market. The Finance Office <br /> exercises fiscal prudence by prioritizing 1) Safety II) Liquidity and III) Yield in that order. <br /> The miscellaneous category includes Asset Management lease rental revenues as well. The County <br /> continues to explore options to dispose the Builders First Source property which accounts for $294,000 <br /> in FY 2021-22 revenues; however, this sale is not expected to close this fiscal year. The County Long- <br /> Term Forecast omits the Builders First Source revenue after FY 2021-22. <br /> General Fund Expenditures <br /> General Fund expenditures are 28.8% of budgeted expenditures as compared to 27.4% the prior fiscal year. <br /> The variance is due to an increase in debt service payments as the County funds the County and Schools bonds. <br /> • First quarter debt service represents 58.9% of total debt service as compared to 54.5% the prior fiscal <br /> year. The increase reflects recent debt financings as per the Approved Capital Investment Plan. <br /> • The County has bonds paid on October 1 but the bond covenants requires that payments be transferred <br /> to the bank trustee five days prior or by September 25. <br /> • Community Services represented 19.5% of total community services as compared to 22.9% the prior <br /> fiscal year. This is attributed to a timing variance in annual DEAPR contributions to the Towns of <br /> Carrboro, Chapel Hill, and City of Mebane. <br /> 3 <br />