Minutes 12-06-2021 Virtual Business Meeting

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9 the FY2020-21 Budget compared to the smaller amount appropriated to balance the FY2021-22 Budget. The positive operating results relied on revenue collections that exceeded budgeted expectations and intentional expenditure restrictions that limited expenditures to below budgeted amounts. Some of these variances are expected to be recurring or ongoing while others are non-recurring or one time occurrences. Source Amount Recurring vs. Non- Recurring Property Tax Collection Rate $1,600,000 Recurring • 98.7% Budgeted • 99.27% Actual Motor Vehicle Tax Collection Rate $ 400,000 Recurring • 99.4% Budgeted • 103.8% Actual (exceeds 100% due to payment of delinquent bills) Sales Tax Collections (Articles 39, $4,000,000 Recurring 40 and 42) • Budgeted to decrease by 4.5% • Actual Collections exceed Budget by 17.4% Medicaid Hold Harmless $2,000,000 Non-Recurring • Budgeted at $1.75 million • Actual Payment - $3.75 million No Use of Fund Balance to Balance $4,000,000 Non-Recurring Budget • $8,200,000 Budgeted • $1,900,000 Assigned to FY2021-22 Budget • $2,300,000 Allocated to maintain 16% Unassigned Fund Balance • $4,000,000 Available for Allocation TOTALi0i i0i Based on the recurring and non-recurring nature of the variances outlined above, the following table proposes specific uses for those funds. A more detailed description of the proposed allocations is contained in the attached Update on FY2020-21 Year End Financial Results report. Proposed Non- Recurring Employee Wage Adjustment $ (1,883,875) Recurring • Three percent wage increase retroactive to July 1, 2021 Schools Opportunity Gap & Mental $ (1,500,000) Recurring Health Fund • Allocated by average daily membership