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Five Year Financial Plan - C
<br />Eliminates the 1/4 Cent Sales Tax Option In FY 2012
<br />GENERAL FUND Reval
<br />Budaeted Revenues for: 2011 2012 2013 2014 2015
<br />Estimated operating revenues from
<br />previous fiscal year 197,223,716 189,535,576 194,605,942 189,020,847 202,284,969
<br />Change resulting from Revaluation - - (8,251,666) - -
<br />Annual Change in Property Taxes (2,939,951) 219,570 1,746,449 2,219,176 3,353,656
<br />Inc (Dec) in Property Tax (2 cent in FY12, 5 cent FY14,
<br />reduction of .75 in FY15) - 4,069,474 - 9,885,465 (1,517,968)
<br />Register of Deeds Fees 1,080 180,000 177,000 217,000 220,000
<br />Building Inspection Fees (391,000) 200,000 200,000 250,000 250,000
<br />Increase (Decrease) in other Revenues (2,895,032) - - - -
<br />Growth (Dec) in Sales taxes (392,203) 401,322 543,122 692,481 851,751
<br />Addition of 1/4 cent sales tax for education cost - - - - -
<br />Reduction in Taxes -Article 39 and Article 44 (Medicaid) (1,071,034) - - - -
<br />Total Re-occurring Revenues 189,535,576 194,605,942 189,020,847 202,284,969 205,442,408
<br />One Time Revenue Sources
<br />Capital Reserve Funds 940,000 110,000 440,000 100,000 -
<br />Capitalized Interest Proceeds -School Debt 3,967,669 3,967,669 - - -
<br />Grants (Library/Staff for Food Council) 170,354 70,354 - - -
<br />Lottery Proceeds - 4,092,517 7,985,442 5,852,204 4,129,967
<br />Fund Balance - 898,282 8,660,090 - -
<br />Total Revenues 194,613,599 203,744,764 206,106,379 208,237,173 209,572,375
<br />
<br />Budaeted Expenditures for:
<br />Estimated operating expenditures from
<br />previous fiscal year 189,996,364 192,533,245 202,494,410 204,596,379 207,067,173
<br />RCCC Current Expense Funding 53,714 37,044 37,785 38,541 39,312
<br />School Current Expense Funding:
<br />Current Operations 1,500,000 800,000 800,000 800,000 800,000
<br />Building and Grounds Maintenance - 40,000 40,000 40,000 40,000
<br />Opening New Schools - - - - -
<br />New Debt Service
<br />Housing Unit for Detention Center 3,100,000 (154,250) (124,000) (124,000) (145,000)
<br />School Debt 2,149,154 4,735,000 (142,050) (197,950) (224,400)
<br />Parking Deck - - - - -
<br />Retirement of Debt Service (1,184,755) (842,492) (1,485,616) (180,503) (896,788)
<br />Fulfilled/Added Econ Dev Incentive Grants (186,080) 52,065 (371,477) 25,376 (216,625)
<br />Maximum County Contribution for NC Research Campus - - 1,300,000 - -
<br />Salaries and Benefits:
<br />Reduction in Workforce (2,475,204) - - - -
<br />COLAandMerits 2,030,553 2,028,284 1,962,688 1,982,998 1,950,644
<br />Restored Position -Soil & Water 49,024 - - - -
<br />Retirement Incentive/Vacation payouts (estimated) 250,000 - - - -
<br />New Positions inclusive of all benefits -Detention Unit 863,631 2,922,534 - - -
<br />Increase in operational cost for the Housing Unit - 260,000 - - -
<br />Increase (Decrease) in Contingency (86,117) - - - -
<br />Misc. Increases (Decreases) in Operational Expenditures (3,627,202) - - - -
<br />Vehicles New & Replacements -General Govt - - - - -
<br />Building Maintenance Repairs - - - - -
<br />Cabarrus Health Alliance Funding 100,163 82,980 84,639 86,332 88,059
<br />Total Operating Expenditures 192,533,245 202,494,410 204,596,379 207,067,173 208,502,375
<br />Funding for Capital Projects:
<br />Capital Improvement Plan -Capital Reserve Funds 940,000 110,000 440,000 100,000 -
<br />Capital Improvement Plan -General Fund Monies 1,070,000 1,070,000 1,070,000 1,070,000 1,070,000
<br />Staff position Tor Food Council 70,354 70,354 - - -
<br />Total Expenditures 194,613,599 203,744,764 206,106,379 208,237,173 209,572,375
<br />
<br />Revenues over (under) Expenditures - - - - -
<br />Estimated Unreserved Fund Balance 43,521,148 42,622,866 33,962,776 33,962,776 33,962,776
<br />as a % of Current Budget 22.36 % 20.92 % 16.48 % 16.31 % 16.21
<br />Property Tax Rate .63 1100 .65 / 100 .65 / 100 .70 ! 100 .6925 / 100
<br />Total Debt Service Payments 42,269,653 46,007,911 44,256,245 43,753,792 42,487,604
<br />as a % of Current Budget 21.72 % 22.58 % 21.47 % 21.01 % 20.27
<br />Attachment number 4
<br />G-1 Page 159
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