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Year to Date Detail Review - Lisa Minter <br /> Assistant County Manager/Finance Director Lisa Minter reviewed the Capital Improvement <br /> Program status by project. The Multi-Sport Complex has been added to the CIP however a <br /> budget will need to be established in the future. Revenues through December 31, 2020 were <br /> compared to the past few years by Department to show where the County is compared to <br /> prior years. The County is doing well. Ad Valorem revenue is up. Sales tax is doing well but <br /> this may be mostly due to the increase in construction which will eventually slow down and <br /> creates challenges in determining the growth rate. Article 39 Sales Tax is a 1% sales tax <br /> levied by counties where the funds collected are distributed back to the counties based on <br /> point of distribution and there are no restrictions on how the County may use these funds. <br /> Article 40 is a 1/2% sales tax levied by counties which are pooled with funds collected by all <br /> counties and distributed based on per capita. 70% of the proceeds received are unrestricted <br /> while 30% must be used for public school capital outlay needs or retirement of debt issued <br /> for these purposes. Article 42 is a 1/2% sales tax levied by counties. Funds collected are <br /> distributed back to the counties based on point of distribution. 40% of the proceeds that are <br /> received are unrestricted while 60% must be used for public school capital outlay needs or <br /> retirement of debt issued for these purposes. Effective with distributions calculated after July <br /> 1, 2013, sales tax proceeds received by the County will be distributed among Lee County, <br /> City of Sanford, and Broadway on an ad valorem basis. An analysis was provided based on <br /> the sales tax distribution history. The sales tax distribution runs a year behind. Dr. Crumpton <br /> stated that the schools have been the main benefactor in the county's change in the tax <br /> distribution from per capita to ad valorem. In some of the Departments where revenues are <br /> down expenditures are also down to due to budget reductions and staff reductions based on <br /> reduced services during the pandemic. Next, Mrs. Minter reviewed the County's financial <br /> policies which were last modified in 2018 in the fund balance section they cover debt, fees <br /> and user chargers, fund balance, competitive employment, and tax rate (check this). The n <br /> capital reserve fund balance has about $3,000,000 but it is incorporated into the capital plan. <br /> Related to fund balance is that an established floor of 16% is maintained and the goal is to <br /> strive for 24%. An 8% minimum is the floor that is set by the State. This year the County was <br /> able to hit the target percentage due to cuts related to the pandemic. A report was presented <br /> representing fund balance information for population groups by County. Lee County is the <br /> second lowest in available fund balance reported to date in the state. Dr. Crumpton added <br /> that he interpreted the available fund balance based on the County being tied to the tax base <br /> and as assessed value goes up the financial value is improving. <br /> YTD REVENUE REVIEW.pdf <br /> YTD EXPENDITURE REVIEW.pdf <br /> Sales Tax Information (revised 1-21-2021).pdf <br /> sales tax distribution history.pdf <br /> Financial Policy Review - Lisa Minter <br /> Financial Policies 3-2018.pdf <br /> Financial policies information.pdf <br /> Fund Balance Analysis - Lisa Minter <br /> LGC memo regarding fund balance info.pdf <br /> Fund Balance history graph.pdf <br /> Fund Balance history numbers.pdf <br /> Fund Balance % of GF expenditures.pdf <br /> 10 <br />