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<br /> 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 Hnbcarrboro city schools I chccs.org prepared by Business and Financial Services THINK (AND ACT)
<br /> Slide #22
<br /> Cash Flow Discussion
<br /> FY2023 Revenue(Cashln) Expenses(Cash Out) EOM CashBalanc eWdingFB . At 5.5%,the additional cash balance provided
<br /> July 4,605 256 4,073,837 531,419
<br /> August 9,322,061 ]0,893,711 (1,571,630) by a positive fund balance to cover cash flow
<br /> would have been$4.89 million
<br /> September 22,196,211 26,179,367 (3,983,156) • Local fund balance would not have been at a
<br /> October 22,196211 26,179,367 (3,983,156)
<br /> November 27,826,932 33,994,775 (6,167,943) sufficient level to cover the deficit in operations
<br /> December 40,591,948 42,141,V3 (1,549,935) during the July to November timeframe
<br /> January 52,281,640 50,585214 1,696,425 • The Government Finance Officers Association
<br /> February 61,372,598 61,546,038 (173,440) (GFOA)offers guidance that an 8%
<br /> March 66247,180 70,264,363 14,017,193) 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 86,358,447 (9,818,020) government agencies
<br /> June 92,502,137 89,998,975 (6,496,939) • At 8%,the cash available in the local fund from
<br /> *May 2023srand our as an—i-monrh bervuse the Dw—..rnred the cfasure fsrere and fund balance would have been approximately
<br /> Federal Grant Fund en line,which devf—fmm the usual rmehne_
<br /> $7.1 million,which would have been enough to
<br /> cover the operating deficits through November
<br /> Chapel Hill-Corrboro city schools I chccs.org prepared by Business and Financial Services THINK (AND ACT)
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