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<br /> 1 Slide #21
<br /> Cash Flow Discussion
<br /> CHCCS' Special District Tax accounted for $25.5 million or 31% of total collected
<br /> local revenues of$82.5 million in FY 2023
<br /> In Orange County, property taxes are due on September 1, however they do not
<br /> become delinquent until January of the following year
<br /> Due to the annually recurring pattern of collections, the District had only collected
<br /> $4.6 million or 18.2% of Special District Tax revenue as of November 30, 2022
<br /> By November 30, 2022, the District's local operations netted a loss of$6.1 million
<br /> Chapel Hill-Coriboro City schools I chccs.org Prepared by Business and Financial Services THINK (AND ACT) �
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<br /> 4 Slide #22
<br /> Cash Flow Discussion
<br /> FY2023 Revenue(Cash In) Expenses(Cash Out) EOM Cash Balance excluding 1i • At 5.5%,the additional cash balance provided
<br /> July 4,645,256 4,073,837 531,419 by a positive fund balance to cover cash flow
<br /> August 9,322,081 10,893,711 (1.571,630) would have been$4.89 million
<br /> September 16,133,548 19,278,165 43.144.657)
<br /> October 22,E96,211 26,179,367 13,983.156)
<br /> • Local fund balance would not have been at a
<br /> Neo cnlrer 27,826932 33,994,775 (6,167,843) sufficient level to cover the deficit in operations
<br /> December 40,591,948 42,141,883 (1,549,935) during the July to'November timeframe
<br /> January 52281,640 50,585,214 1696,425 • The Government Finance Officers Association
<br /> February 61,372,598 61,546.038 (173440) (GFOA)offers guidance that an 8%
<br /> March 66,247,180 70,264,363 14,017,183) unassigned fund balance target is"good",
<br /> April 71,587,093 78,472.,005 (6,884,911) while a 16%target is a"healthy"target for
<br /> May" 76,540,427 86,35s 447 19.818,o20) government agencies
<br /> June 82542,137 88,998975 16,496,839) • At 8%,the cash available in the local fund from
<br /> -AL,2023—,demi,--if e.n..nrhhecunze&eDis—rnXaredrlreeio, fsrareend fund balance would have been approximately
<br /> T derv!Grmrr Fwrd,[n.hme.5rhrch d—,—f—rhe xana!nmelrne_
<br /> $7.1 million, which would have been enough to
<br /> cover the operating deficits through November
<br /> Chapel Hill-Carrboro city schools I chccs.org Prepared by Business and Financial Services THINK (AND ACT) •
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