County Government Well Managed Government Budget Police/Fire Taxes Agency Listing Five Year Summary of General Fund Revenues and Expenditures
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From FY 2003 through FY 2007, the County had an excess of revenues over expenditures in each and every year. The County's General Fund Balance increased from $128.6 million at the beginning of FY 2003 to $287.5 million at the end of FY 2007 after peaking at $309.2 million at the end of FY 2006. The FY 2007 ending fund balance represents 18.3 percent of general fund revenues. From FY 2003 through FY 2007, total revenues increased by 30.6 percent or $360 million from $1.21 billion to $1.57 billion. The increase was lead by income tax receipts, which increased by 41.3 percent or $178 million, due to the County's strong economy and capital gains from the sale of property and investments. General property taxes increased 21.3 percent or $116 million as a result of reassessments. Since the County has a 4 percent tax cap on reassessments, much of the assessment increases have yet to be realized. Sales and service taxes have increased by 41.9 percent or $50 million over this period. The largest increases in this category are in the recordation and title transfer taxes due to a robust real estate market. Interest on investments increased by $13 million a result of rising interest rates. Intergovernmental aid increased by $9 million over the past four years. While revenues increased by 30.6 percent over the period, total expenditures increased by just 21.2 percent or $254 million. The County used excess revenues to fund one-time capital expenditures. Transfers to the capital budget (pay-as-you-go funding) increased trom $1 million in FY 2003 to $143.8 million in FY 2007, totaling $305,340,000 over the period. From FY 2003 to FY 2007, insurance contributions increased by 70 percent or $52 million, which comprised a $48 million partial prefunding of retiree health and life insurance in FY 2007. The County increased contributions to the pension plan by 38.7 percent or $20 million over the period. Through the labor negotiation process, the County has been able to extend career service in order to control retiree health care and pension costs. The County also increased public safety expenditures by 27.1 percent or $63 million and public schools expenditures, exclusive of pay-as you-go funding, by 10.1 percent or $60 million over the period. The following statement presents the County's actual revenues, expenditures and fund balance for the General Fund in accordance with generally accepted accounting principles. The revenues are presented according to source and the expenditures are presented according to major purpose for each of the last five fiscal years ending June 30. Contributions to the capital budget for public schools have been classified under "Contribution to Capital Budget". | 2003 | 2004 | 2005 | 2006 | 2007 Unaudited | Revenues | | | | | | General Property Taxes | $547,015,000 | $563,857,000 | $588,640,000 | $626,750,000 | $663,289,000 | Income Taxes | 430,224,000 | 465,970,000 | 510,788,000 | 547,875,000 | 607,932,000 | Sales and Service Taxes | 120,239,000 | 139,352,000 | 164,499,000 | 190,100,000 | 170,607,000 | Licenses & Permits | 3,909,000 | 4,220,000 | 4,179,000 | 4,485,000 | 4,026,000 | Intergovernmental | 71,241,000 | 61,043,000 | 71,962,000 | 78,406,000 | 80,647,000 | Charges for Services | 8,664,000 | 9,801,000 | 9,719,000 | 10,773,000 | 10,582,000 | Fines & Forfeitures | 4,995,000 | 4,695,000 | 4,652,000 | 4,374,000 | 4,725,000 | Interest on Investments | 2,981,000 | 2,015,000 | 5,310,000 | 11,353,000 | 16,466,000 | Miscellaneous | 16,392,000 | 17,426,000 | 17,712,000 | 17,036,000 | 16,541,000 | Total Revenues | $1,205,660,000 | $1,268,379,000 | $1,377,461,000 | $1,491,152,000 | $1,574,815,000 | | | | | | | Expenditures: | | | | | | General Government | $56,879,000 | $57,576,000 | $58,059,000 | $64,116,000 | $66,461,000 | Public Safety | 222,468,000 | 223,200,000 | 237,285,000 | 257,608,000 | 282,749,000 | Public Works | 90,317,000 | 90,498,000 | 93,747,000 | 99,795,000 | 108,128,000 | Health and Human Services | 28,045,000 | 28,823,000 | 29,825,000 | 31,773,000 | 33,242,000 | Culture and Leisure Services | 16,514,000 | 16,126,000 | 16,983,000 | 19,196,000 | 20,335,000 | Economic Development | 1,278,000 | 1,386,000 | 1,633,000 | 1,707,000 | 1,773,000 | Pension Plan Contributions | 16,182,000 | 22,419,000 | 27,428,000 | 31,190,000 | 35,968,000 | Insurance | 75,195,000 | 85,238,000 | 79,109,000 | 85,948,000 | 127,078,000 | Public Schools | 570,966,000 | 576,350,000 | 591,552,000 | 615,313,000 | 630,508,000 | Community College | 33,112,000 | 33,329,000 | 38,557,000 | 37,079,000 | 38,535,000 | Libraries | 22,131,000 | 23,131,000 | 26,012,000 | 26,747,000 | 29,526,000 | Debt Service | 54,115,000 | 62,925,000 | 64,210,000 | 61,843,000 | 64,112,000 | Miscellaneous | 12,884,000 | 12,888,000 | 12,428,000 | 13,770,000 | 15,489,000 | Total Expenditures | $1,200,086,000 | $1,233,889,000 | $1,276,828,000 | $1,346,085,000 | $1,453,904,000 | Excess of Revenues Over Expenditures | $5,574,000 | $34,490,000 | $100,633,000 | $145,067,000 | $120,911,000 | Other Financing Sources (Uses): | | | | | | Bond premium | 0 | 12,602,000 | 0 | 0 | 5,293,000 | Bond proceeds - refunding | 157,173,000 | 63,085,000 | 0 | 0 | 0 | Bond premium – refunding | 0 | 6,127,000 | 0 | 0 | 0 | Proceeds of Certificates of Participation | 0 | 42,500,000 | 0 | 0 | 0 | COPs premium | 0 | 2,528,000 | 0 | 0 | 0 | Op. Transfers In | 7,348,000 | 958,000 | 2,674,000 | 5,038,000 | 2,164,000 | Op. Transfers to Capital Budget | (1,000,000) | (3,000,000) | (45,294,000) | (112,263,000) | (143,783,000) | Op. Transfers to Other Funds | (5,086,000) | (4,940,000) | (6,604,000) | (6,842,000) | (6,258,000) | Payment to Refunded Escrow Agent | (151,273,00) | (68,876,000) | 0 | 0 | 0 | Total Other Financing Sources (Uses) | $7,162,000 | $50,984,000 | ($49,224,000) | ($114,067,000) | ($142,584,000) | Net Change in Fund Balances | $12,736,000 | $85,474,000 | $51,409,000 | $31,000,000 | ($21,673,000) | Fund Balance at Beginning of Year | 128,596,000 | 141,332,000 | 226,806,000 | 278,215,000 | 309,215,000 | Fund Balance at End of Year | $141,332,000 | $226,806,000 | $278,215,000 | $309,215,000 | $287,542,000 |
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Revised January 24, 2008 |
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