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5 <br /> As indicated on the above, General Fund revenues exceeded expenditures by$5.3 million for FY 2021-22. Additionally, <br /> the bottom line highlighted in green indicates a budgetary savings of$12 million in FY 2021-22.This $12 million is <br /> recommended to fund a December 13, 2022 Budget Amendment while achieving the County's current 16% Fund Balance <br /> Policy. The major budget versus actual variances are explained herein. <br /> FY 2021-22 General Fund- Budget versus Actual Results <br /> Property Tax <br /> Property tax favorable budget versus actual variance is a result of higher than budgeted collection rate. The budget <br /> assumed a 98.7% collection rate, and the Tax Administration Office posted a 99.4%collection rate. The County took a <br /> careful posture as this budget represented a revaluation year. Programs like the Long-Time Homeowners Tax Relief is <br /> another example of Federal ARPA relief and the favorable impact on the local economic base. Additional budget versus <br /> actual factors included additional natural growth and higher Motor Vehicle assessments. <br /> Sales Tax <br /> Sales tax favorable budget versus actual variance is due to several factors including the higher pricing on goods and <br /> services.The 2% local option tax (Articles 39, 40 and 42) applies to food and the food price index has exceeded the <br /> consumer price index during the current inflationary period.This coupled with impacts from the Federal Stimulus relief to <br /> residents and sustained e-commerce are part of the favorable revenue variance explanation. Another factor is the Hold <br /> Harmless Sales tax which replaced the State Medicaid revenue. The Hold Harmless exceeded the budget by$3 million <br /> with the remaining Articles 39, 40 and 42 accounting for$5.6 million over the budget. The NC State Treasurer has <br /> previously stated that local governments exercise conservative forecasting on the Hold Harmless sales tax revenue. <br /> General Fund Expenditures <br /> All of the Functional Leadership Teams were within the Board authorized budgets. The Budget versus Actual <br /> variance was 96.7%. This variance was primarily attributed to salary attrition and secondarily due to contractual <br /> obligations and other related non-personnel savings. The FY 2021-22 Budget included a $3 million attrition <br /> target which was exceeded. The 96.7% budget versus actual expenditure savings has been consistent with prior <br /> fiscal years. <br /> FY 2021-22 Estimated Fund Balance Classifications <br /> The FY 2021-22 Fund Balance classification has been reviewed with the County's Audit Managing Partner and <br /> should be consistent with the FY 2022 Annual Comprehensive Financial Report (ACFR) to be presented at the <br /> December 13, 2022 BOCC meeting. <br /> 2 <br />