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<br /> The following UNC-Charlotte Economic report by Dr.John Connaughton provides insightful regional and national
<br /> economic data.
<br /> FY 2025 FY 2024 FYS 2025 vs 2024
<br /> GENERAL FUND Original Budget Re vise d8u age t YTD Actual• Percentage Act d' YTDActuol• Percentage YTD %Variance'
<br /> Pro pertyTax $201,999,345 $201,999,345 $36,019,106 1783% $30,402,822 15.94% $5,616,284 189%
<br /> Sales&Use Tax $44,139,012 $44,139,012 $0 0.00% $0 0.00% $0 0.00%
<br /> Licenses and Permits $274,200 $274,200 $330 0.12% $555 0.20% ($225) -0.08%
<br /> Ch a rges to r Services $15,103,690 $15,106,609 $3,094,688 20.49% $2,757,304 19A1% $337,384 1.08%
<br /> Intergovernmental $22,017,818 $22,232,233 $2,199,312 989% $2,155,730 10.59% $43,582 -0.70%
<br /> Investment Earnings $1,800,000 $1,800,000 $439,783 24A3% $0 0.00% $439,783 24d3%
<br /> Transfers In $1,006,039 $1,089,201 $0 0.00% $0 0.00% $0 0.00%
<br /> Miscellaneous $596,371 $619,371 $210,097 33.92% $148,611 17.13% $61,486 16.79%
<br /> Appropriated Fund Balance $7,100,000 $7,176,895 $0 0.00% $0 0.00% $0 0.00%
<br /> Total $294,036,475 $294,436,866 $41,963,316 14.25% $35,465,022 12.66% $6,498,294 1.59%
<br /> CommunityServices $16,096,949 $16,326,351 $3,526,854 21.82% $3,434,382 22.10% $92,472 -0.28%
<br /> General Government $12,699,830 $12,699,830 $3,144,281 24.30% $2,765,875 23.06% $378,406 1.24%
<br /> 3 Public Safety $40,930,579 $40,996,977 $9,172,405 22.05% $8,707,579 24.24% $464,826 -2.19%
<br /> a+
<br /> � Human Services $53,023,027 $53,070,723 $10,707,279 21.76% $11,852,421 24.22% ($1,145,142) -2d6%
<br /> N
<br /> Education $113,115,311 $113,115,311 $31,294,861 27.65% $25,979,480 24.10% $5,305,381 3.55%
<br /> K Sup part Services $18,787,800 $18,837,800 $6,353,114 37.13% $6,775,899 36.67% ($422,785) ❑A6%
<br /> W Debt Service $0 $0 $0 0.00% $0 0.00% $0 0.00%
<br /> Transfers Out $39,756,619 $39,763,514 $0 0.00% $0 0.00% $0 0.00%
<br /> total $294,410,115 $294,810,506 $64,188,794 22.22% $59,515,636 21.24% $4,673,158 0.99%
<br /> General Fund Summary
<br /> General Fund revenues are 14.2% of budgeted revenues compared with the prior fiscal year at 12.6%. The slight
<br /> uptick in FY 2024-25 is attributed to property tax revenue collections. As indicated above, the underlying drivers
<br /> of the revenue base are strong through the first quarter. The County's 16%fund balance policy provides the
<br /> working capital to fund expenditures until property tax collections begin to peak by the end of the second
<br /> quarter.
<br /> General Fund Revenues
<br /> • Property Tax collections are 17.8% of the total Property tax budget compared to 15.9% the prior fiscal
<br /> year. Real and personal taxes were due September 1 but peak at the end of December tax collections
<br /> for tax deduction purposes and the pending January assessment of penalties and interest.
<br /> • The FY 2024-25 Budget increased the tax rate by 2.75 cents from 83.53 cents to 86.28 cents per $100 of
<br /> assessed value. The tax rate increase funds the continuing operations of both the County and Schools.
<br /> The tax collection rate budgeted for real and personal is 99.2% and for motor vehicle is 99.6%. There are
<br /> no foreseen economic disruptions that would impact the collection rate assumptions.
<br /> • Motor vehicles taxes are payable on the vehicle renewal date and the tax is based on the market value
<br /> of the vehicles. The North Carolina Department of Revenue remits this tax to the County monthly.
<br /> Registered Motor Vehicle Taxes become delinquent after 30 days.
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