AGENDA DATE: 11/18/2020
TITLE:
Title
FY 21 First Quarter Financial Report
BODY
SUBJECT/PROPOSAL/REQUEST: FY 21 First Quarter Financial Report
ITEM TYPE: Consent Information Item
STAFF CONTACT(S): Richardson, Birch, Baber, Bowman, Vinzant
PRESENTER (S): N/A
LEGAL REVIEW: Not Required
REVIEWED BY: Jeffrey B. Richardson
BACKGROUND: The attached Quarterly Financial Report (QFR) provides information regarding the County's FY 21 General Fund (Attachment A) and School Fund (Attachment B) performance as of September 30, 2020. The FY 21 appropriation resolution provides the County Executive with the authority to make various administrative budget adjustments during the year. A list of these adjustments is included (Attachment C). Information on the County's federal CARES funding received and expended to date (which is separate from the General Fund) is included in a separate report on the Board's consent agenda.
STRATEGIC PLAN: Mission: To enhance the well-being and quality of life for all citizens through the provision of the highest level of public service consistent with the prudent use of public funds.
DISCUSSION: The General Fund Quarterly Financial Report reflects year-to-date (YTD) data from July 2, 2020 through September 30, 2020, the end of the first quarter (Q1) of FY 21. Highlights from the Quarterly Financial Report (QFR) include:
Revenues
Year-to-date total revenues in Q1 of FY 21 were $21,131,693 compared to $19,946,503 in Q1 of FY 20. In percentage terms, FY 21 YTD actual revenues as a percentage of FY 21 Revised Budget revenues were 7.0%, compared to 6.5% in FY 20.
Significant year-to-year variances are highlighted below:
* Other Local Taxes - In FY 21, actual Q1 revenues as a percentage of budget equaled 13.8% vs. 8.2% in FY 20. Actual Q1 revenues equaled $1,212,046 vs. $852,585 in FY 20. The reasons for this variance: the receipt of delinquent personal property taxes, an increase in the receipt of penalties on taxes, and a...
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