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15 <br /> Slide #3 <br /> ORANGE COUNTY FY 2D22-23 BUDGET <br /> 2022 State of NC)Economic Trends and Factors <br /> Employment: 't <br /> --2.7%increase over 2021 <br /> Hospitality and Leisure: It <br /> —9.2%increase over 2021 <br /> - Information: t <br /> --4.7%increase over 2021 <br /> - Education and Health Senrices: t <br /> —3.81/.increase over 2021 <br /> - Agriculture: 4 <br /> —0,1'lu decrease over 2021 <br /> ORANGECDUNTY <br /> Bonnie Hammersley said the chart on slide #3 indicates economic trends in the state <br /> that have shaped the budget assumptions. She said overall NC economic growth has begun to <br /> return to pre-COVID levels, representing a second full year of growth since the pandemic. She <br /> said a recent UNC-Charlotte December 2021 Summary cited the projections in the chart. She <br /> said that while employment is up, labor supply continues to be a challenge. She said that 14 of <br /> the state's 15 economic sectors are expected to experience output increases. She said <br /> improved Hospitality and Leisure sectors correlate with improvements in Visitors Bureau and <br /> Sportsplex Funds. She said the increase in revenue meant that there was not a need for <br /> General Fund revenues to support the Visitors Bureau and Sportsplex in the FY23 budget. She <br /> said that inflation increases due to consumer demands remains an area of concern. <br /> Slide #4 <br /> FY 2022-23 RECOMMENDED BUDGET <br /> Three-Year%Change in Rate of Inflation <br /> March 2049—Mereh 2M <br /> rera•e cnrge oaf 4F7t>I <br /> w reins fen floe and—IF <br /> hill) <br /> oA — <br /> eA <br /> 2.-0 -- <br /> OA <br /> M. JW Sep pes No' !un w Des Nor lun Sep oac Mr <br /> 2er9 20M 2121 2= <br /> 3e 0.113 15 r arL"Snlfeli <br /> ORANGE COUNTY <br /> WFM I CAR.OLINA <br /> Bonnie Hammersley said the chart from the Bureau of Labor Statistics shows that from <br /> March 2021 to March 2022 there was a 8.5% increase in the CPI. She said the inflation drivers <br /> are supply chain delays and demands on good and services increases. She said food and <br /> energy have driven price escalation. She said these are important considerations for revenues, <br /> such as sales tax, and expenditures, such as health care costs and energy. <br />