AG 2002 02 25 (Recessed) - Laserfiche WebLink

Home Browse Search

ICASARRUS COUN~I CAROLINA February 25, 2002 To: Cabarrus County Commission From: Frank W. Clifton, Jr. County Manager Re: Update/recommended action FY02 Budget and FY03 Budget Forecast and recommended priority actions As the County Commission approaches the FY03 budget process several known factors have impact upon FY02 and carry over to FY03. The purpose of this memorandum is to outline as thoroughly as possible all known elements that precede FY03 deliberations as well as actions to address FY02 budget issues to be adjusted prior to addressing FY03. Cabarrus County has done well during difficult economic times. Prior efforts/actions of the County Commission and county staff have placed the county in the best possible position to deal with the issues before it at this time. Difficult decisions lie ahead, but the magnitude of the impact those decisions will have on public service delivery is mitigated by prior financial decisions and conservative budget policies of county government. FY02 [] Short falls: 1. Local sales tax revenues (one full cent and two lA cents) are off from budget projections by approximately $2,348,640 if current trends follow in the last two quarters of the fiscal year. 2. State reimbursement revenues being held by the governor amount to $1,367,000. While those revenues "may" be received at some future date, they may not be available before the end of the FY02, so should not be counted upon. Together those issues could amount to approximately a $3,667,000 shortfall. Corrective budget actions recommended: 1. $724,050 committed toward a joint purchase'of property with the City of Concord for land associated with a hotel-convention center project should be removed from General Fund and funding responsibility transferred to the Tourism Authority Capital Fund. Office of the County Manager P.O. Box 707 · Concord, NC 28026-0707 · 704-920-2100 °' Fax 704-920-2820 · Charlotte 704-375-0829 www. co.cabarrus.nc.us