Agenda - 06-20-2023; 8-o - Fiscal Year 2022-23 Budget Amendment #11

Browse Search

2 Appropriated for this project: Current FY 2022-23 FY 2022-23 FY 2022-23 Amendment Revised Affordable Housing Project Expenditures $8,181,383 $160,000 $8,341,383 Total Costs $8,181,383 $160,000 $8,341,383 SOCIAL JUSTICE IMPACT: The following Orange County Social Justice Goals are applicable to this item: • GOAL: ENSURE ECONOMIC SELF-SUFFICIENCY The creation and preservation of infrastructure, policies, programs and funding necessary for residents to provide shelter, food, clothing and medical care for themselves and their dependents. • GOAL: FOSTER A COMMUNITY CULTURE THAT REJECTS OPPRESSION AND INEQUITY The fair treatment and meaningful involvement of all people regardless of race or color; religious or philosophical beliefs; sex, gender or sexual orientation; national origin or ethnic background; age; military service; disability; and familial, residential or economic status. Miscellaneous 3. As in prior years, this year-end amendment transfers approved amounts from the salary and benefits reserve line items (such as for $4,297,900 for attrition and $425,569 for merit adjustment) in the Non-Departmental budget to individual departmental appropriations in order to properly fund salary and benefit amounts within departments. 4. The County pays monthly fees for document retention and storage in the Orange-Person- Chatham (OPC) Retiree Health Fund, outside of the General Fund. This amendment increases the authorization in the fund by $8,000, due to increases in storage costs. 5. In Budget Amendment #5-A, the County authorized the creation of the Debt Service Fund with an initial seeding of $6,000,000. The initial intent was to begin paying Debt Service in that fund starting in FY 2023-24. After consulting with the Finance & Administrative Services Department and the auditors, the County recommends moving all FY 2022-23 related debt service expenses into the Debt Service Fund as well. This increases the authorization in the Debt Service Fund by $38,077,170, funded by a transfer of General Fund revenue towards that fund. 6. In 2014, the North Carolina General Assembly enacted legislation that requires that the last employer of a member who retires with an average final compensation of$100,000 or higher is required to make an additional employer contribution to fund the increased cost to the State Retirement Services Division. In FY 2022-23, the County has experienced retirements under this scenario that require $200,000 in additional funding. The County will recognize additional Interest Income revenue to absorb this expense. 7. The Human Resources Department is anticipating that health insurance costs for FY 2022- 23 will exceed budget by $175,000. This amount will be covered using existing fund balance in the Health & Dental Insurance Fund, outside the General Fund.