AG 2002 02 25 (Recessed) - Laserfiche WebLink

Home Browse Search

2. $325,000 is available from the Frank Liske soccer fields project. For once, earthwork was less than estimated. 3. $500,000 planned in expansion of the Northwest Cabarrus Park can be delayed at least one year or more depending on revenues. 4. $600,000 allocated to run a water line to the county landfill can be deleted 5. $75,000 is available from the EMS Station Four, which came in under budget. 6. $111,415 is available from an Economic Incentive Grant not paid to Ameriserv. The company went bankrupt and was purchased by a subsidiary of Wal-Mart. 7. $211,000 is available from the deferral of a project that would have expanded the General Services warehouse facility on Highway 49. 8. $250,000 is available from the road construction allocation established by the County Commission for local highway projects. 9. $208,139 is available from the budgeted estimate and the actual Economic Incentive Grant paid to Corning, Inc. 10. $20,781 is available from the budgeted estimate and the actual Economic Incentive Grant paid to Dai Nippon, Inc. 11. $44,565 is available from the budgeted estimate and the actual Economic Incentive Grant paid to Pass Seymour. 12. $138,861 is aVailable from the deferral of the landfill reuse study. 13. $55,507 remains from the Governmental Center generator project. 14. $21,000 is available from deferral of improvements to Register of Deeds Vault. 15. $20,000 is available from deferral of bathroom improvements in the Government Center. 16. $4,505 is available from deletion of RCCC rental charges by Cabarrus County Schools for RCCC classroom space. Budgetary adjustments above amount to $3,309,822. That leaves a difference of about $357,178 as the estimated shortfall. Personnel lapsed salaries (dollars budgeted minus actual budgeted expense for staffing created by short-term vacancies) will be used to cover the short fall between projected and actual sales tax revenues. If actual local sales tax revenue reductions exceed current forecasts then further adjustments will be required. Items 1-16 as budget amendments are presented for your action. FY03 [] Revenue Projections: 1. Based on the best available current information, budgeted PROPERTY TAX REVENUES will be anywhere from $400,000 to $1,300,000 LESS in FY03 than projected in FY02 if the county property tax rate remains at $.56. This can be attributed to several issues inclusive of: a drop in the collection rate (Pillowtex bankruptcy), a decline in value of textile related properties and equipment, other related economic trends, value projections along with filing dates for industrial property values and delay in property revaluation until 2004. 2. We will budget local sales tax revenues at the same level for FY03 as FY02 realizing that FY02 estimates were not achieved but believing that there will