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1 <br /> ORANGE COUNTY <br /> NORTH CAROLINA <br /> FINANCE and ADMINISTRATIVE SERVICES <br /> Gary Donaldson,CTP,Chief Financial Officer I gdonaldson@orangecountync.gov I PO Box 8181, Hillsborough, NC 27278 1 919.245.2453 <br /> INFORMATION ITEM <br /> To: Board of County Commissioners <br /> From: Gary Donaldson, Chief Financial Officer <br /> Date: November 15, 2022 <br /> Re: Financial Report- First Quarter FY 2022-23 <br /> Please find attached a summary of FY 2022-23 first quarter financial report for the General Fund, Enterprise Funds, and <br /> Special Revenue Funds. It is important to note that key General Fund revenues, Property tax and Sales tax will not have <br /> any material collections activity through the first quarter. Property taxes are due September 1, but collections does not <br /> achieve 90%and higher until late fees and penalties begin to accrue on January 5 of each year. Sales taxes lag by three- <br /> months from the North Carolina Department of Revenue (NCDOR). <br /> Though we have not received any sales tax during the first quarter, the NCDOR reports indicate that the July 2022 <br /> collections was 10% higher when compared to July 2021. Sales tax and the other noted Key County Economic indicators <br /> below provide useful year-to-date (YTD) first quarter comparisons in view of recent economists' sentiments on the state <br /> of the U.S. economy. <br /> Table 1: Key County Economy Indicators <br /> FY 2022-23 FY 2021-22 <br /> Key County Economic First First <br /> Indicators Quarter Quarter Comments <br /> Includes all Articles 39,40,42, 43 and <br /> Sales Tax%Change 10% 15% 46. <br /> Property Tax Billings <br /> versus Collections 16.1% 15.7% Includes real, personal and motor vehicle. <br /> Excise Stamp <br /> Recordings 736 929 Volume of real estate transfers (mortgages and refinancings). <br /> Permits Issued <br /> County Permits 2754 2419 This includes building, electrical and HVAC permits. <br /> Hillsborough Permits 720 523 This includes building, electrical and HVAC permits. <br /> Unemployment Rate 2.6% 2.8% County rate is the lowest in North Carolina. <br /> 1 <br />