HomeMy WebLinkAboutC.054.93010_0753OPTIONS FOR THE COUNTY IF THE STATE DOES NOT RELEASE,
REIMBURSEMENTS: The county manager said the following five options were
available if the state did not release the county reimbursements during the upcoming year.
Reimbursements budgeted for:
Intangibles Taxes
1,125,000
Beer & Wine Excise Tax
330,000
Elderly Exemption
79,200
Inventory Taxes
1,578,920
$ 3,113,120
Option A
Increase Ad Valorem Tax Rate by 30
(Average house & lot in Iredell County valued @ S126,425 x .03 per SI00 =- $37.921
$ 3,176,715
OpBon B
Reserve Increase in School Current Expense 761,904
Freeze Capital Outlay expenditures other than funded by grants, Medicaid max,
or seized funds 642,495
Freeze Transfer to Fund Balance (other financing uses) 613,995
Transfer unspent funds from prior year commitments from Capital Reserve Fund 550,460
Borrow from Solid Waste Escrow for Closure & Post -Closure $3,113,120
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Option C
Reserve Increase in School Current Expense 761,904
Transfer unappropriated funds in the Capital Reserve Fund & borrow
balance to finish Library 2,351,216
$ 3,113,120
Option D 761,904
Reserve Increase in School Current Expense
Borrow from Solid Waste Escrow for Closure & Post -Closure Costs 2,351,216
$ 3,113,120
Option
E
Transfer unspent funds from Library Capital Project Fund and
unappropriated funds from Capital Reserve Fund to the General Fund $ 4,733,539
& borrow the entire cost to build new Library
This option would provide funding for the General Fund including the $761,904
increase in school current expense that has been placed in the Contingency Fund and pay
for the Jail Annex project as presented by Sheriff Redmond.
UPDATE ON SALES TAX DISTRIBUTIONS: Blumenstein said she recently
received a quarterly sales tax report. She said the one percent sales tax (point of delivery)
was "holding its own." In regards to the 1983 ''/a% sales tax and the 1986 ''/2% tax (sales
taxes statewide & then distributed to counties by population), she said these were still
"lagging behind." Mrs. Blumenstein said the report indicated that for all three taxes, the
county should receive $24,506 more than anticipated.
REVIEW OF DEPARTMENTAL BUDGETS: Mr. Mashburn said that all of
the departments had been cut 4.5%. The following budgets were reviewed by Mashburn
and Blumenstein.
410 - Commissioners: No changes from manager's recommendations.
415- Administration: No changes from manager's recommendations.
420- Human Resources: No changes from manager's recommendations.
425 -Elections: No changes from manager's recommendations. (Mashburn noted that
$44,000 had been cut for eight voting machines.)
430 -Finance: No changes from manager's recommendations. (Blumenstein stressed that
new payroll software would have to be purchased in 2003-04.)
435 -Tax Administration: No changes from manager's recommendations.
445 Information Systems Management (ISM): No changes from manager's