Laserfiche WebLink
January 2, 2024 (Work Session) <br />Pa ge <br />Report (ACFR) for fiscal year ending June 30, 2023. Topics included the <br />following: <br />• Audit Highlights <br />o Unmodified opinion on the financial statements <br />o No financial statement findings <br />o No single audit findings <br />o Unmodified opinion on federal and state awards <br />• General Fund <br />o Budget for FY 2023: $359 million <br />o Revenues: $347.4 million <br />o Expenditures: $326.4 million <br />o $21.0 million increase in general fund - fund balance <br />• Property Taxes <br />o Budget for FY 2023: $226.6 million <br />o Actual budget: $231.5 million <br />o Budget overage: $4.9 million <br />o Consistent collection percentage: 99.3% <br />o Increase in AD Valorem values of $1,251 billion <br />• Sales Taxes <br />o Budget for FY 2023: $64.9 million - includes general fund <br />and community investment fund <br />o Total collections for FY 2023: $76.8 000 <br />o Budget overage: $11.9 million <br />• General Fund Expenditures Summary <br />o $326.4 million in general fund expenditures <br />o Salary and Benefits - $105.9 MM <br />o Operations - $52.5 MM <br />o Capital projects - $4.5 MM <br />o Education - $94.8 MM <br />o Transfers to other funds - $68.7 MM 1W <br />• Expenditures VS. Budget Aak <br />o $31.5 million or 8.8% under budget <br />o Salary and Benefits - $8.0 million <br />■ Lapse Salaries <br />• General Government (HR, Finance, Tax, ITS, <br />Facilities) - $3.0 MM <br />• Public Safety (Sheriff, EM, EMS) - $1.7 MM <br />• Human Services - $2.7 MM <br />o $6.2 million in capital purchases unspent <br />■ Vehicles, Patrol cars, Ambulances - $3.4 MM <br />■ Transportation vehicles - $.9 MM <br />■ CAD System - $1.1 MM <br />■ Reappropriated <br />o Operational costs under budget $17.3 million <br />■ Broadband - $2.0 MM <br />■ Human Services - $5.2 MM <br />■ Public Safety - $2.5 MM <br />■ General Government - $3.1 MM <br />■ Information Technology - $2.8 MM <br />• General Fund - Fund Balance Summary <br />o FY 2023 General Fund Balance $199.0 MM <br />■ Restricted - $47.2 million <br />■ Non -spendable - $.6 million <br />■ Committed/Assigned - $61.7 million <br />■ Unrestricted - $89.5 million <br />o Unrestricted - $89.5 million <br />■ Reserved per Cabarrus County FB Policy <br />• 15% of current year's budget - $53.1 million <br />■ $36.4 million transferred to CIF per policy <br />A discussion ensued. During discussion, Mr. Howden responded to questions <br />from the Board. <br />4.12 Finance - Transfer of Funds in accordance with the County's 15% Fund <br />Balance Policy <br />Jim Howden, Finance Director, advised as part of the County's Financial <br />and Budgetary Policies, the sum of the General Operating Fund's fund balance of <br />more than 15% of the current fiscal year's budget is available to transfer and <br />appropriate to the Community Investment Fund for future project allocation in <br />the amount of $36,359,791. Mr. Howden presented for the Board's consideration <br />a budget amendment for the transfer from the General Fund to the Community <br />Investment Fund. <br />Page 7 <br />