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OPERATING AND CAPITAL BUDGET - Fayette County Government

OPERATING AND CAPITAL BUDGET - Fayette County Government


ANALYSIS OF MAJOR REVENUE SOURCES AND TRENDS Strategies Utilized In Budgeting Revenues As an unwritten but general guiding operating policy employed by Finance and Administrative staff, projected revenues for the ensuing fiscal year are estimated on the side of conservatism. The reason for this conservative approach to estimating cash inflows is to help ensure that the County avoids, if at all possible, any significant revenue shortfalls that might occur due to unanticipated fluctuations in the local or national economy, or an unexpected downturn in the rate of construction activity occurring in the immediate area. But should the economy remain strong in the short-term, it is further anticipated that these additional revenues that are generated will be programmed into the County’s fund balance to be used for capital projects or projects in the Capital Improvement Program. As our principal operating revenue projection strategy for any given fiscal year, the County prepares its annual operating budget with the expectation that it will collect more revenues during the period than are actually budgeted. As an integral first step in the FY 2013 revenue projection process, total revenue collections through the 2012 fiscal year are estimated. As actual monthly activity is recorded, original estimated FY 2012 revenue numbers are updated throughout the budget preparation process. These most recent fiscal year estimates plus the actual revenue numbers for the previous two fiscal years are used to identify trends and collection patterns from the various sources. This historical revenue information is then framed in the context of what budget staff believes will be the most probable local economic conditions over the next twelve to twenty-four months. Elasticity of revenue sources, increasing user fees or charges, changes in service delivery, and the anticipated impact of any new State or Federal legislation are also factored into the projections. The desired end result of this process is revenue estimates that one would reasonably expect to be met during the upcoming fiscal year given the information available at the time. GENERAL FUND The General Fund is the principal operating fund for the County and the revenues it uses to provide a number of services to our citizens are derived from a variety of sources. The tabular information shown on the next page indicates the relative composition of the major revenue sources. The accompanying pie chart clearly shows how dependent the County is on taxes as the major revenue source. Property Tax and Sales & Use Tax are the major revenue sources used to pay for the operations of the General Fund. This dependency has increased in the last ten years. These two sources of revenue accounted for 70 percent of total revenues in 2004; 76 percent of total revenues in 2008; and for the last three years it has been around 85 percent. For FY 2013, it is projected that these two sources of revenue will account for approximately 86 percent of General Fund total revenues. No other individual revenue sources are equal to at least five percent of total revenues. In comparison with FY 2012 estimated actual amounts, it is projected that General Fund total revenue for the 2013 fiscal year will decrease by approximately 5.0 %. Projections for all revenue sources have been estimated on the side of conservatism. 31

General Fund Three Year Comparison of Principal Revenue Sources REVENUE FY 2011 ACTUAL FY 2012 BUDGET FY 2012 ACTUAL* FY 2013 BUDGET Property Tax $ 27,911,133 $ 26,298,500 $ 27,651,084 $ 25,245,700 Sales & Use Tax 9,572,548 9,700,000 9,836,955 10,100,000 Other Taxes 1,311,971 1,043,900 939,718 966,500 Licenses & Permits 451,172 444,000 407,671 414,500 Intergovernmental Revenues 589,296 739,470 643,988 741,697 Charges for Services 1,918,207 1,879,440 1,911,130 1,823,000 Fines, Forfeits & Penalties 1,435,496 1,466,000 1,351,058 1,335,000 Investment Income 255,993 125,000 244,685 300,000 Miscellaneous Revenue 543,735 198,500 368,883 249,600 Contributions/Donations 25,641 5,000 15,795 5,000 Total Revenues $ 44,015,192 $ 41,899,810 $ 43,370,967 $ 41,180,997 *Year-end estimate. Intergovernmental Revenues 1.8% Licenses & Permits 1.0% Other Taxes 2.3% Sales & Use Tax 24.5% Percentage Contribution of Revenue Sources Charges for Services 4.4% FY 2013 BUDGET Fines, Forfeits & Penalties 3.2% Investment Income 0.7% Miscellaneous Revenue 0.6% Property Tax Sales & Use Tax Other Taxes Contributions/ Donations 0.0% Property Tax 61.3% Licenses & Permits Intergovernmental Revenues Charges for Services Fines, Forfeits & Penalties Investment Income Miscellaneous Revenue Contributions/ Donations 32

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