Agenda - 02-21-2023; 12-4 - Information Item - Memorandum - Financial Report - Second Quarter FY 2022-23

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1 ORANGE COUNTY NORTH CAROLINA FINANCE and ADMINISTRATIVE SERVICES Gary Donaldson,CTP,Chief Financial Officer I gdonaldson@orangecountync.gov I PO Box 8181, Hillsborough, NC 27278 1 919.245.2453 MEMORANDUM To: Board of County Commissioners From: Gary Donaldson, Chief Financial Officer Date: February 21, 2023 Re: Financial Report- Second Quarter FY 2022-23 Please find attached a summary of FY 2022-23 second quarter financial report for the General Fund, Enterprise Funds, and Special Revenue Funds that begins on the third page. The Key County Economic table below is an update from the first quarter of metrics that provide additional insight on the local economic base and revenues. The trends remain stable with positive overall tax base metrics. As the County metrics indicate the two largest General Fund revenue streams of property tax and sales tax are performing well, and will support General Fund revenues meeting expenditure projections. The higher interest rate environment has continued to result in less real estate closings, refinancings and subsequent excise stamp recordings. Key County Economic FY 2022-23 Second FY 2021-22 Second Indicators Quarter Quarter Comments Sales Tax%Change 22% 15% Includes all Articles 39,40,42,43 and 46. Property Tax Billings versus Collections 96.5% 95.7% Includes real, personal and motorvehicle. Excise Stamp Recordings 1314 1756 Volume of real estate transfers(mortgages and refinancings). Permits Issued County Permits 4780 4354 This includes building,electrical and HVAC permits. Hillsborough Permits 1216 965 This includes building,electrical and HVAC permits. Unemployment Rate 2.5% 2.2% County rate is the lowest in North Carolina. The attached link below to the UNC-Charlotte economic forecast provides additional economic data for reference. https:Hissuu.com/belkcollege/docs/2022-12-7 economicforecastreport.pptx 1