1976 - 12-06-76 Regular Meeting - Laserfiche WebLink

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Book 8 MUM TO: BOARD MEMBERS FROM: Gordon A. Wicker, Chairman I would like to take this opportunity to bring the Board up to date on the financial condition of the County. We began this fiscal year with a fund balance of $272,274 in the general fund and have spent $18,000 of these funds. Our budget for beer and wine tax is $18,000; we have received $25,000. Sales tax revenue for one quarter was $187,356. Our budget for the year is $550,000. The budget includes $97,000 from intangibles tax; we received $107,000/ We used a tax base of $335,000,000 valuation; final figures revealed $348,000,000 valuation or $117,000 in additional revenue. You will note from your budget report that departments are all well within their budgets. This report covers 5 months expenditures or 41% of the budget. $1,486,059 has been collected in 1976 taxes or 44% of the levy. This figure compares favorably with last years percentage of collections at the same date. We have received $19,000 in anti-recession funds but lack the guidelines for spending the funds at this time. The funds must be used to hire people but not create any new departments. I believe that we are in a good financial condition, at this time. Conservative spending and wise management will enable us to end the fiscal year with a substantial fund balance. This will help offset a possible loss in taxes next year due to the plans of some of our local industry to move from the County.