FY2022 Adopted Operating and Capital Budget

FY2022 Adopted Budget Fund Budgets

Consolidated Budget Overview

Enterprise Funds: All enterprise funds were consistent with the FY2021 adopted budget. Although divisional requests were funded and the countywide compensation and classification study affected some of the enterprise funds, these increases were offset by decreases in other accounts/funds. No significant program was removed and the reduced expenses were related to the normal timing and fluctuation of accounts. Internal Service Funds: The Fleet Services Fund increased 7.2%. The increase is related to more vehicles/equipment being replaced as compared to the prior year and likewise vehicle/equipment depreciation is also increasing. The :RUNHU¶V &RPSHQVDWLRQ )XQG is decreasing from the prior year but this is primarily due to a change in funding methodology. BY ACCOUNT CATEGORY: Provided below is an overview of changes to each account category. More detail on ³ account categories by fund ´ can be found in the detail segment of the Fund Budget section. Funding/Revenue: Property and Income Taxes DUH WKH &RXQW\¶V PDLQ UHYHQXH VRXUFHV $OWKRXJK QR FKDQJHV WR WKHVH WD[ UDWHV DUH DGRSWHG in this budget, the revenue associated with these taxes are budgeted at a 7.8% increase, collectively. Housing growth and assessments continue to increase at a moderate pace and bolster the property tax projections for a 5.0% increase. The County continues to be a desirable place to live that helps increase housing values and provide a market for the development pipeline already approved. Income tax revenue of $264.6 million is the second largest revenue stream (27.6%) to the County budget. Last year, on the cusp of the pandemic, effects on income tax revenue was unknown. The County took a conservative approach and budgeted close to the FY2019 actual amount collected. As FY2021 progressed, the decline did not occur and is projected to be higher than the FY2020 amount collected. In light of the widening gap between budget and actual, the budget for income tax was increased 12.0%, representing a multi year budgetary catch up. The Voice Services Fund is consistent with the FY2021 adopted budget.

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