Agenda 05-16-2023; 12-3 - Information Item - Financial Report - Third Quarter FY 2022-23 and American Rescue Plan Act (ARPA) Project Update

Browse Search

3 Education budget includes School Health and Safety Contracts, Deferred Maintenance, Durham Tech Current Expense and Recurring Capital. • Third Quarter debt service variance represents a timing variance pertaining to when principal and interest disbursements posted on the general ledger this fiscal year compared to the prior fiscal year. The County has remaining April 1, May 1, and June 1 debt service payments for the remainder of the fiscal year that will total $38 million in debt service payments for the fiscal year. • The remaining Functional Leadership teams are consistent with historical spending rates and compliance with the County's proactive measures in response to the COVID related economic crisis. Summary of Other Funds Sportsplex Fund Sportsplex revenues are 61.3% of budget as compared to 64.6% the prior fiscal year. Sportsplex expenditures are 52% of budget as compared to 47.9% the prior fiscal year. The Sportsplex Fund is projected to end the fiscal year with revenues meeting expenses and debt service requirements. Visitors Bureau Fund Visitors Bureau revenues are 64.9% as compared to 52.3%the prior fiscal year reflecting improved hotel lodging activity and revenue from the 3% occupancy tax. Visitors Bureau expenditures are 63.5% as compared to 61.7% the prior fiscal year. The fund is projected to end in a breakeven position reflecting price escalations as measured by the Average Daily Room (ADR). Solid Waste Fund Solid Waste revenues are 83.6% of the total revenues as compared to 88.1% the prior fiscal year. The solid waste program fee of$142 is billed as a line item on the Property Tax bill. As noted previously, peak collections occur by the end of December 2022. Solid waste expenditures are 57% of total expenditures as compared to 55.8% the prior fiscal year through the third quarter. 3