FY2023 Adopted Operating and Capital Budget

FY2023 Adopted Budget Fund Budgets

Consolidated Budget Overview Income tax revenue of $307.2 million is the second largest revenue stream (27.3%) of the County budget. Income tax continues to grow at higher than average rates, which has allowed for the adoption of a lower income tax rate for certain residents.

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 previous rate. One hundred percent of the $1 increase is dedicated to Agricultural Preservation and is reflected in that fund. FY2022 was 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. Since this revenue can be volatile based on housing builds and interest rates, the County has been conservative with the FY2023 budget.

Most Licenses & Permitting fees reflect an increase of 4.7% based on the consumer price index. Additional increases have been made to align the budget with the actual revenue collected for the past couple of years. Federal and State Funding are a large component of the Grant Fund and are restricted as to their use. Both the State and Federal governments continue to provide additional funding as part of their COVID-19 relief efforts. However, neither are included in the adopted budgets for FY2022 or FY2023, but are reflected in the actual figures for FY2020 and FY2021.

Fees and Charges are a large component of the overall budget, however these are the main revenue source for the Water & Sewer Management and Solid Waste Management funds. The County Council

65