Orange County NC Website
Browse       Search
tAr <br /> 10/17/02 <br /> Fiscal Year 2002-03 Financial Update <br /> Spring 2002 — Manager's Recommended budget for fiscal year 2002-03 <br /> anticipated revenues totaling$3.1 million from State reimbursements. <br /> 7 <br /> June 2002 — BOCC anticipated that the General Assembly would balance <br /> the 2002-03 State budget by withholding reimbursements due to local <br /> governments. <br /> • The Board adjusted the Manager's Recommended budget downward to <br /> reflect the anticipated loss of$3.1 million. <br /> September 2002 — The General Assembly approved the 2002-03 State <br /> budget. <br /> • The State budget withheld reimbursements from local governments. <br /> • Reduced funding for certain State departments resulting in a "'trickle <br /> down" reduction to County departments—particularly human service <br /> related departments. <br /> • Authorizes the Governor to make other, yet to be determined, funding <br /> reductions totaling $25 million to balance the State's budget. <br /> •October 2002 — General Assembly approved Senate Bill 1292 <br /> authorizing counties to levy a Third One-Half Cent Local Government <br /> Sales Use Tax effective no earlier than December 1, 2002. <br /> • Orange County BOCC approved the Resolution authorizing the new <br /> sales tax on October 15, 2002. <br /> • According to estimates by the North Carolina Association of County <br /> Commissioners, anticipated additional revenue for Orange County for the <br /> current fiscal year are in the neighborhood of$1.8 million. <br />