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