Agenda 05-24-22; 12-2 - Information Item - Financial Report - Third Quarter FY 2021-22

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2 General Fund revenues are 86.5% of budgeted revenues compared to 84.4% the prior fiscal year. General Fund Revenues • Property Tax collections are 99.2% of the total Property tax budget compared to 98% the prior fiscal year. Real and personal taxes collections peaked at the end of December prior to the January assessment of penalties and interest. The remaining property taxes include delinquent taxes and the last three months of motor vehicle tax revenues. • Sales Tax for Articles 39, 40, 42 and Hold Harmless are 86% of the budget as compared to 80.3% in the prior fiscal year. This sales tax distribution reflects the State easing public health protocols, sustained online sales and the impact of inflation which indicates an 8.5% CPI increase from March 2021 through March 2022. Note: Article 39, 40 and 42 sales tax are applied to food purchases. • Though actual sales tax is projected to exceed the budget, there will be additional taxpayer refund adjustments that the NC Department of Revenue will make by mid-August. As previously noted, there is a three-month lag in sales tax revenue. Therefore the County will receive its last sales tax revenue for this fiscal year by mid-September. • Charges for services are 72.7% of the budget as compared to 55.5% lower the prior fiscal year. The increase is attributed to increased Register of Deeds Excise Fees associated with increased real estate transfer activities. Additionally, there has been an increase in Ambulance Charges Medicaid Reimbursements. • Miscellaneous revenue includes Facility Leases and Donations. General Fund expenditures are 71.8% of budgeted expenditures as compared to 72.9% the prior fiscal year. The variance is attributed to debt service, emergency services COVID-related contracted services and reclassified non-departmental retiree health care benefits previously paid from the Health and Dental Fund. General Fund Expenditures 2