Title
Presentation of the FY21 General Fund Mid-Year Projections
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Issue/Request:
Presentation of the FY21 General Fund Mid-Year Projections
Key Issues:
Part of the budget process includes a mid-year review and analysis of General Fund revenues and expenses to project year end totals.
The General Fund revenues for Fiscal Year 2021 are projected to total $74,459,420. This projected revenue amount is expected to exceed budgeted estimates by $4,136,486 (or 5.88%). Due to the effects of COVID-19, there were several revenue categories that where estimated to be considerably impacted. Some revenue categories were projected to be below trends and actual performances of prior years. FY21 Budget was projected to be $2,893,944 (or 3.95%) less than the FY20 Budget as a whole. Some of those areas to highlight include:
-Property Tax: As a category, property tax projections were projected to be 2.49% greater than the FY20 Budget. The FY21 projection is $799,549 (or 3.79%) greater than budget estimates based on collections to date.
-Sales Tax: Revenues were projected at 14.65% below the FY20 Budget as a category. However, the projected impact of COVID-19 has not made as significant an impact on Sales Tax revenues as budgeted with a projected increase in revenue of $2,302,291 (or 14.88%) above the budget. Local Sales Tax is the largest of the sales tax revenue category and is projected to be $2,167,955 (or 13.6%) above budget estimates. In comparison to FY20 actuals, FY21 Local Sales Tax is expected to be greater by $489,981 (or 2.78%).
-Franchise Taxes: As a category, franchise taxes are projected to be greater than budgeted estimates by $64,302 (or 0.55%). Telephone Franchise Tax is projected to be $97,677 (or 7.04%) higher than budget estimates but Cable Franchise Tax revenue projections are less than the budget estimates by 60,999 (or -4.83%).
-Motor Vehicle Taxes: Motor vehicle taxes (Motor Vehicle Sales Tax, and Motor Vehicle License/ Transfer Fee)...
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