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15 <br /> 1 Slide #3 <br /> ORANGE COUNTY FY 2022-23 BUDGET <br /> 2022 State of NC Fconornic Trends and Factors <br /> • Employment: it <br /> — 2.7%increase over 2021 <br /> Hospitality and Leisure: It <br /> —9.2%increase over 2021 <br /> • Information: it <br /> —4.7%increase over 2021 <br /> Education and Health Services: t <br /> —3.8%increase over 2021 <br /> Agriculture: <br /> —0.1%decrease over 2021 `+ <br /> ORANGE COUNTY <br /> �11141I f G4Rf11.1\i <br /> 2 <br /> 3 Bonnie Hammersley said the chart on slide #3 indicates economic trends in the state <br /> 4 that have shaped the budget assumptions. She said overall NC economic growth has begun to <br /> 5 return to pre-COVID levels, representing a second full year of growth since the pandemic. She <br /> 6 said a recent UNC-Charlotte December 2021 Summary cited the projections in the chart. She <br /> 7 said that while employment is up, labor supply continues to be a challenge. She said that 14 of <br /> 8 the state's 15 economic sectors are expected to experience output increases. She said <br /> 9 improved Hospitality and Leisure sectors correlate with improvements in Visitors Bureau and <br /> 10 Sportsplex Funds. She said the increase in revenue meant that there was not a need for <br /> 11 General Fund revenues to support the Visitors Bureau and Sportsplex in the FY23 budget. She <br /> 12 said that inflation increases due to consumer demands remains an area of concern. <br /> 13 <br /> 14 Slide #4 <br /> FY 2022-23 RECOMMENDED BUDGET <br /> Three-Year%Change in Rate of Innation <br /> !larch 2019-Morph <br /> Pvear chpq• ori ld'n1l <br /> P1$ ✓# les 407 and energy <br /> ea <br /> 6G - <br /> eA <br /> 2.0 -- <br /> 84 <br /> ap <br /> Net Apt Sep Oce: NV !ue W Oct Ner lun Sep Dec NY <br /> 2d[B 2120 2121 2L>M <br /> 3awu us l5weeu01-smSalarea <br /> ORANGE COUNTY <br /> NOFM[CARDLINA <br /> 15 <br /> 16 Bonnie Hammersley said the chart from the Bureau of Labor Statistics shows that from <br /> 17 March 2021 to March 2022 there was a 8.5% increase in the CPI. She said the inflation drivers <br /> 18 are supply chain delays and demands on good and services increases. She said food and <br /> 19 energy have driven price escalation. She said these are important considerations for revenues, <br /> 20 such as sales tax, and expenditures, such as health care costs and energy. <br />