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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 /> MEMORANDUM <br /> To: Board of County Commissioners <br /> From: Gary Donaldson, Chief Financial Officer <br /> Date: May 16, 2023 <br /> Re: Financial Report-Third Quarter FY 2022-23 and American Rescue Plan Act (ARPA) Project Update <br /> This Third Quarter Financial Report provides Budget versus Actuals comparisons and an update of American <br /> Rescue Plan Act (ARPA) life-to-date expenditures by project. All ARPA expenditures are on schedule to be <br /> obligated by December 31, 2024 and fully expended by December 31, 2026. The remaining $2 million of ARPA <br /> funds are included in the Manager's FY 2023-24 Recommended Budget for appropriation. <br /> Appendices 1 and 2 cover the General Fund and Other Funds Budget versus Actual performance. Appendix 3 <br /> covers the ARPA project expenditures. The General Fund and the other County operating funds are projected to <br /> end in breakeven positions. <br /> General Fund Revenues <br /> General Fund revenues are 84.1% of budgeted revenues as compared to 86.8% the prior fiscal year. The <br /> variance is attributed to a timing variance in intergovernmental revenues for both Department of Social <br /> Services and Health Department revenues. <br /> • Property Tax collections include Real, Personal and Motor Vehicles. Real and personal taxes collections <br /> peaked at the end of December prior to the January assessment of penalties and interest and has met t <br /> budgeted revenues. The remaining property taxes represent the last three months of motor vehicle tax <br /> revenues. <br /> • Sales Tax for Articles 39, 40, 42 and Hold Harmless are projected to meet the budget. As discussed in <br /> previous quarterly reports, the current inflation environment has contributed to continued sales tax <br /> growth. The food consumer price index has increased 8.5% from March 2022 through March 2023. <br /> 1 <br />