Agenda Package - 01-21-09 - Laserfiche WebLink

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G 0 7 • Tax Department and GIS Department Revenues - Projected to meet budget. Register of Deeds Revenues - The drastic and recent reduction in these revenues is very alarming. This department normally makes a significant profit for the county. If real estate transfers continue to be non-existent, we face a significant shortfall in this category. The Department's original budget was $592,000 and revised estimates show revenue at $398,400 a shortfall of $193,600. Investment Income - Interest rates have plummeted since the Federal Reserve Bank started cutting interest rates in August- In addition, since Ad Valorem payments have been running behind, there is less money to invest. The original budget for interest income was $450,000 with a revised estimate of $196,800, a shortfall of $253,200. Sheriff/Jail/Emergency Management Revenue - Will meet budget. Social Services Revenue - Will meet budget. Youth & Adult Services - Will meet budget Library Revenue - Despite the cut in aid from the State, the department will meet budget. Recreation Revenue - There are areas of concern, and it is difficult to estimate the participation in activities after the first of the new year. It is anticipated they will meet budget. Health Department - Tracking toward meeting budget. School Capital Construction Fund - ADM - Will be short at least $51,000. • Mr. Crumpton stated the total anticipated revenue shortfall will be $1,009,000. Fund Balance Analysis - The County's Financial Policies state the goal of the County is to maintain a minimum 14% fund balance as a percent of total actual expenditures in the budget. On July 1, 2008, the available fund balance to the County was $10,957,351 or 18.47%. Currently we have $3,313,136 appropriated from fund balance. It is anticipated there will not be any excess revenue to apply to the fund balance. In addition, we normally count on a large amount of lapsed salaries to cover the expense float. With the economy the way it is, employees are not leaving for other opportunities, resulting in very little turnover. The turnover is mainly retirements where significant vacation payouts have been made The expense budget was made very tight this year and there is no float to help the fund balance. Mr. Crumpton stated the total shortfall needed to balance the FY 2008-2009 budget and maintain a 14% fund balance is $1,595,000. This fund balance situation will have a significant impact on the FY 2009-2010 budget. The fund balance will have to be drastically reduced in order to balance the budget- There will not be any excess in revenues budgeted to help the fund balance. The County will continue to face uncertainty in revenue collections. Mr. Crumpton recommended the following to balance the budget and maintain a 14% fund balance: 1. Transfer $600,000 from the capital reserve to the General Fund to cover the expense of the new chiller at the courthouse and reduce the General • Funds payment to debt service. 5