FY2022 Adopted Operating and Capital Budget

FY2022 Adopted Budget Fund Budgets

Consolidated Budget Overview

The main component of Other Taxes is the recordation tax. The recordation tax rate changed to $7/$500 of consideration, on October 1, 2020. This is a $1 increase over the prior rate. One hundred percent of the $1 increase is dedicated to Agricultural Preservation and is reflected in that fund. FY2022 will be the first full year of the increase. Other funds that have recordation tax are not affected by this change. However, new housing starts and refinancing is contributing to the overall growth of the recordation tax.

Most Licenses & Permitting fees are being increased 1.2% based on an inflation factor. However, the majority of the increase is related to the number of permits being requested due to the building of new homes and renovations to current homes. Federal and State Funding are a large component of the Grant Fund and are restricted as to their use. Although the adopted budget is expected to decrease, this only represents regular on going funding from these sources. Both the State and Federal governments have and will provide additional funding as part of their COVID 19 relief efforts. However, n HLWKHU DUH LQFOXGHG LQ WKH ³DGRSWHG´ EXGJHWV IRU )< DQG FY2022. Funding related to this direct initiative was/will be added to the budget via budget amendments.

Number of Permits Issued (by Calendar Year)

1000 1500 2000 2500

0 500

2016 2017 2018 2019 2020

Source: Building Permits and COO by Dwelling Type report

Fees and Charges are a large component of the overall budget but this is the main revenue source for the Water & Sewer Management and Solid Waste Management funds. The County Council approved a sewer rate increase effective on September 1, 2019. The increase will occur for each fiscal year through FY 2024. Other fees and charges have been updated as needed. Fines & Forfeitures decreased 22.0% but monetarily was only $10,000 less than the prior year budget. Investment Earnings are expected to decrease due to the relatively low interest yield rates. The main component of Miscellaneous Revenues is Water/Sewer capacity changes and is budgeted in that fund and is expected to increase as building continues to grow in the County. Critical Farm Refunds is the second largest account in this category and is budgeted in the Agricultural Preservation Fund. This account will fluctuate year to year based on the VFKHGXOHG WLPLQJ RI WKH ³UHIXQG ´ Other Financing Sources is mainly the transfer of funds from another fund. The largest piece of the budget is recorded in the Debt Service Fund General Government because the sole purpose of this fund is to pay the 100% of the debt service related to general government funds (mostly the General Fund for capital projects). Budgeted Fund Balance is a EXGJHWDU\ DFFRXQW DQG LV EXGJHWHG LQ RUGHU WR ³EDODQFH WKH EXGJHW ´ 7KH DPRXQW VKRZQ KHUH UHSUHVHQWV WKH XVH RI IXQGV WKDW ZDV ³VDYHG´ LQ SULRU \HDUV VKRZQ DV D SRVLWLYH DPRXQW RU UHSUHVHQWV IXQGV WKDW DUH EHLQJ

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