HomeMy WebLinkAboutC.054.93010_0543deposits for corporate income taxes, restricted for the PSBCF, were actually lower than
projected. She said the financing for Third Creek Elementary School would close in
October, and she wanted to brief the board on how this project would be impacted by the
PSBCF funding decrease. She said the 2001-02 budget included $1,609,560 in PSBCF
money and that $959,560 was projected to be received in 01-02. She also said that
$650,000 was expected to be "rolled forward" from prior years. Blumenstein said that
due to the lower deposits, a reduction of $477,505 would occur. She said the board could
"roll" the $477,505 appropriation into fiscal year 2002-03 using a portion of that year's
PSBCF. Blumenstein said this would meet the construction funding needs for Third
Creek. Mrs. Blumenstein said she would seek a budget amendment in November.
Another report shared by Blumenstein pertained to the state estimates on county
population used to distribute state -shared revenues. She said there would be a slight
decrease in the county's share of sales taxes due to a population shift.
Mrs. Blumenstein said the ad valorem tax payments were being received and that
by November, the county would be near its normal collection level. She mentioned there
had been delays with the tax bills this year, due to the City of Statesville delaying the
establishment of its tax rate.
She said the county's fund balance was still around 10.4%. Blumenstein said the
county still had not received the intangibles money ($1.2 million) from the state. She
said this money was included in the 2001-02 budget, and adjustments would have to be
made if the state did not deliver the money.
ADJOURNMENT: Chairman Tice adjourned the briefing at 6:45 p.m.
�t '�
Approved: ---� , QG/,
Clerk to
r the Board