|
2
<br /> General Fund Summary
<br /> FY 2024 FY 2023 FYs 2024 vs 2023
<br /> GENERAL FUND Original Budget Revised Budget YTDActual* Percentage VTDActual* Percentage YTD %Variance`
<br /> Property Tax $190,759,520 $190,759,520 $150,820,333 79.06% $146,700,101 78.80% $4,120,232 0.26%
<br /> Sales&Use Tax $43,739,131 $43,739,131 $7,735,119 17.68% $7,412,747 20.81% $322,372 -3.13%
<br /> Licenses and Permits $274,200 $274,200 $57,401 20.93% $60,943 22.20% -$3,542 -1.27%
<br /> Charges for Services $14,208,193 $14,208,193 $5,778,082 40.67% $6,857,614 48.20% -$1,079,532 -7.53%1
<br /> Intergovernmental $19,686,908 $20,561,133 $6,860,373 33.37% $6,948,159 34.26% -$87,786 -0.89%
<br /> cc Investment Earnings $1,600,000 $1,600,000 $482,386 30.15% $397,742 3977.00% $84,644 -3946.85%2
<br /> Transfers In $1,391,290 $1,435,628 $0 0.00% $0 0.00% $0 0.00%s
<br /> Miscellaneous $846,286 $867,327 $640,483 73.85% $706,962 93.33% -$66,479 -19.48%
<br /> Appropriated Fund Balance $7,000,000 $7,033,256 $0 0.00% $0 0.00% $0 0.00%
<br /> Total $279,505,528 $280,478,388 $172,374,177 61.46% $169,084,268 64.97% $3,289,909 -3.51%
<br /> Community Services $15,241,917 $15,711,188 $6,692,372 42.60% $6,863,070 44.33% -$170,698 -1.73%
<br /> General Government $11,987,685 $12,215,771 $5,569,454 45.59% $7,006,631 49.87% -$1,437,177 -4.28%5
<br /> Public Safety $35,882,898 $36,173,297 $17,263,449 47.72% $15,861,038 47.73% $1,402,411 -0.01%6
<br /> a Human Services $48,541,143 $49,313,653 $21,201,741 42.99% $18,445,162 40.10% $2,756,579 2.89%7
<br /> o Education $107,805,947 $107,970,074 $57,167,579 52.95% $47,624,573 48.37% $9,543,006 4.58%8
<br /> X Support Services $18,492,107 $18,682,624 $9,451,473 50.59% $8,191,926 83.82% $1,259,547 -33.23%
<br /> Debt Service $0 $0 $0 0.00% $22,998,610 60.40% -$22,998,610 -60.40%10
<br /> Transfers Out $41,553,831 $41,553,831 $0 0.00% $0 0.00% $0 0.00%
<br /> Total $279,505,528 $281,620,438 $117,346,068 41.67% $126,991,010 51.73% -$9,644,942 -10.07%
<br /> Notes:
<br /> +-Based on percentage.
<br /> 1-Lower Emergency Service(Ambulance)billings.
<br /> 2-Reflects interest rate environment with portfolio yielding 5.25%.
<br /> 3-The timing of the drawdown of Lottery Fund proceeds.
<br /> 4-Miscellaneous includes Donations and Leases.
<br /> 5-Insurance expenses now accounted for in Support Services function rather than Community Services function.
<br /> 6-Higher FY 2024 expenses reflect increased overtime/off-duty Sheriff's Department expenses.
<br /> 7-DSS added 9 new positions to support Medicaid expansion and expenses for Economic support Services previously funded in Non-Departmental.
<br /> 8-Higher FY 2024 spend rate through 6 months reflect one month advance Chapel Hill City Schools monthly current expense for their cashflow requirements.
<br /> 9-Insurance expenses now accounted for in Support Services function rather than Community Services function.
<br /> 10-Debt Service for Long-Term Principal and Interest now accounted for in Debt Service Fund.
<br /> General Fund Revenues
<br /> General Fund revenues are 61.4% of budgeted revenues compared to 64.9% the prior fiscal year. The
<br /> percentage variance is primarily attributed to a higher FY 2024 budget ($1.6 million) for investment earnings
<br /> compared to the prior fiscal year. Another contributing factor to the General Fund revenue percent variance is
<br /> Emergency Service collections; the budget versus actual comparisons is indicated in the Charges for Services
<br /> section below.
<br /> • Property Tax collections are 79.06% of the total Property tax budget compared to 78.8% the prior fiscal
<br /> year; this represents a timing variance in collections. Real and personal taxes were due September 1 but
<br /> peaked at the end of December tax collections due to the pending January assessment of penalties and
<br /> interest. The FY 2023-24 Budget increased the tax rate by .46 cents from 83.12 cents to 83.58 cents per
<br /> $100 of assessed value equaling an additional $1 million in addition tax revenue to fund both County
<br /> and School continuation expenses. An important measure of the resiliency in the tax and economic base
<br /> 2
<br />
|