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4 <br /> Mortgage rates have more than doubled from 3% last year to 7%this year, therefore the number of <br /> refinancing transactions and real estate transfers decline results is indicative of the interest rates inverse <br /> relationship and its impact on excise stamp revenue. <br /> Permits. Permits have increased which provides a good indicator for segments of the construction <br /> industry. Planning and Inspection revenue remain stable at $946,063 or 49.8% of the budget through <br /> the second quarter of this fiscal year compared to $907,029 or 52.2% the prior fiscal year. <br /> • Miscellaneous revenue variance of 105.5% of budgeted revenues as compared to 32.6% the prior fiscal. <br /> This category includes donations, investment earnings. This is attributed to increased investment <br /> earnings from prudent cash management emphasizing Safety, Liquidity and Yield in that priority order. <br /> Through the second quarter of this fiscal year investment earnings are $397,742 compared to $2,610 <br /> the prior fiscal year. The investment portfolio consist primarily of U.S. Treasuries, Federal Agencies and <br /> Overnight Repurchase Agreements which are all highly rated securities which comply with the North <br /> Carolina Permitted Investments statutes. The higher interest rate environment results in the yield <br /> performance. <br /> General Fund Expenditures <br /> General Fund expenditures are 48.5% of budgeted expenditures as compared to 49.2% the prior fiscal year. <br /> Expenditures are historically straight-lined with no functional leadership team budget are of concern. <br /> • General government represented 49.8% of total general government as compared to 54.2% the prior <br /> fiscal year. This is a timing variance attributed to property casualty and workers compensation premium <br /> being paid in installments as compared to upfront payments in the prior fiscal year. <br /> • Support Services revised budget from $12.2 million to $9.7 million reflects the allocation of the 3% wage <br /> increase to departments. The wage increase was originally budgeted in a non-departmental account. <br /> • The remaining Functional Leadership teams are consistent with historical spending rates. <br /> • Education appropriations are 48.3% of its budget as compared with 47.6% the prior fiscal year. School <br /> appropriations are paid to both School systems by the 151h of each month. The remaining Education <br /> budget includes School Health and Safety Contracts, School Equity Training, Deferred Maintenance, <br /> Durham Tech Current Expense and Recurring Capital. <br /> 4 <br />