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the available fund balance has been set aside for working capital. This leaves $15,660,473 (24.8 %) of
<br />fund balance remaining for appropriation, commitment or assignment.
<br />At June 30, 2012, the governmental funds of Cabarrus County reported a combined fund balance of
<br />$107,209,329, a $19,063,604 (15.1°/x) decrease from last year.
<br />The General Fund balance increased $2,019,824. Property taxes are the largest revenue source. Though
<br />the collection rate slightly declined from the prior year, it remained relatively high, ending the year with a
<br />collection rate of 96.58°/x. Current year tax collections experienced several large unfavorable tax appeal
<br />settlements. However, delinquent property tax collections were favorable. Total property tax revenue
<br />was $804,968 (.6 %) over budget.
<br />Cabarrus County is home to the number one tourist attraction in North Carolina, Concord Mills Mall. In
<br />FY2012, sales taxes were collected in excess of anticipated amounts. Sales tax of $33,607,519 was
<br />$5,330,304 or 18.9% more than budgeted. One contributing factor to the increase in revenues was the
<br />decrease in the number of sales tax refunds that the County made to companies obtaining non - profit
<br />status in FY12 ($3,806,580) as compared to FY 11 ($6,983,645).
<br />Permits and Fees are primarily collected by the Register of Deeds office for the recording and
<br />dissemination of records and by the Planning and Development Department for inspection fees related to
<br />construction standards. The economy is beginning to slowly turn around as seen in the increase in
<br />revenues in these two areas. The permits and fees category saw an increase of $987,064 or 39% more
<br />than budgeted.
<br />The Certificates of Participation 2009 Fund balance decreased $9,944,123 to $5,909,508. Certificates of
<br />Participation were issued during the fiscal year ended June 30, 2010 in the amount of $85,170,000 for the
<br />construction of four schools and the renovation and wing addition at a fifth school. The projects will span
<br />over several years and also include transfers from the Capital Projects Fund, Special Revenue Fund and
<br />Capital Reserve Fund. Total expenditures to date are $92,900,627 of which $9,949,879 were in FY 2012.
<br />The Qualified School Construction Bond Fund balance decreased $5,810,103. Certificates of
<br />Participation were issued during the fiscal year ended June 30, 2011 in the amount of $14,637,157 for the
<br />planning, design, renovations and repairs of local schools. This project will span over three years.
<br />Expenditures began for the school projects in FY 12 and totaled $5,817,525.
<br />General Fund Budgetary Highlights: During the fiscal year, the County revised the budget on several
<br />occasions. Generally, budget amendments fall into one of three categories: 1) amendments made to
<br />adjust the estimates that are used to prepare the original budget ordinance once exact information is
<br />available; 2) amendments made to recognize new funding amounts from external sources, such as
<br />Federal and State grants; and 3) increases in appropriations that become necessary to maintain services.
<br />Total amendments to the General Fund's budget amounted to an increase of $52,622,174, with
<br />$47,230,250 related to the refunding of debt.
<br />At year -end, actual general fund revenues and transfers in exceeded final amended budget numbers by
<br />$9,029,433 (4.44 %). Actual general fund expenditures and transfers out were less than final budgetary
<br />figures by $8,271,792 (3.78 %), thus eliminating the need to draw upon existing fund balance.
<br />Major budget increases (decreases) during the year include:
<br />• Refinancing of Debt: On August 31, 2011, the County refinanced all of the callable 2002 and
<br />2003 bonds Certificates of Participation debt. The savings over the remaining 12 years totals
<br />$1,977,275, 4.94 %. The overall yield is 2.89 %. The County will experience this savings over the
<br />next 12 years at amounts ranging from $81,000- $176,000 per year. This transaction resulted in
<br />proceeds and premium in the amount of $ 37,730,250 with a required disbursement to the Bond
<br />trustee in the amount of $ 37,515,925.
<br />• Two American Reinvestment and Recovery Act (ARRA) Grants for Juvenile Crime
<br />Prevention: A $236,680 grant for gang violence prevention administered through Department of
<br />Juvenile Justice and Delinquency Prevention was budgeted and awarded to Cabarrus Health
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