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Home My WebLink About1/23/2024 - FY2024 Mid-Year Review-General Gov't Revenues & ExpendituresFY 2024 Mid-Year Review of General Government Revenues and Expenditures Board of Supervisors Budget Work Session January 23, 2024 FY 2024 General Government Revenue Collection Summary Category Date(s)/Period of Collection Real Estate 1st Half in December (CY 2023), 2 nd Half in June (CY 2024)* Personal Property Receive in May-June, billed annually Sales Tax Receive monthly, 2 months delay Business License Receive in February -March annually Hotel/Motel Tax Receive quarterly, some received monthly Meals Receive monthly, 1 month delay * 1 st Half of Real Estate based on CY 2023 Assessment, 2 nd Half based on CY 2024 Assessment finalized in January 2024 % of Total Budget 49.2% 18.3% 6.5% 3.2% 0.7% 2.5% FY 2024 General Government Revenue Budget $245 $235 $225 "' C ~ i Total General Government Revenue FY 2019 through FY 2024 $215 +-------------- $205 $195 $185 $190 .7 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 ~Actual Revenue ~Adopted/Amended Budget FY 2024 FY 2024 Amended General Government Revenue Budget, Net Beginning Balance $243,264,999 Taxes 18.3% Real Estate Taxes 49 .2% Other Local Taxes and Fees 10.9% Intergovernmental / 8 .4% ___ Sales Tax 6.5% __ Business License 3.2% -----------Communications Tax Meals Tax 1.0% 2.5% Mid-Year Actual Revenue Comparison -General Government FY 2024 1st Half Percent of Category Budget FY 2024 Budget Received Real Estate $ 119,492,000 $ 57,925,733 48.48% Personal Property 44,500 ,000 3,063,065 6.88% Other Local Taxes and Fees 1 16,020,000 8,833,985 55.14% Sales Tax 15,800,000 6,442,474 40.78% Business License 7,800,000 372,401 4.77% Communications Tax 2,550,000 1,076,424 42 .21% Hotel/Motel Tax 1,650,000 752,935 45.63% Meals 6,100,000 2,642 ,395 43 .32% Intergovernmental 20,423,595 9,321,391 45.64% Other Non-Shared Revenue 2 8,929,404 4,555,015 51.01% Total $ 243,264,999 $ 94,985,818 39.05% 1Other Local Taxes and Fees includes : Other Property Taxes, Consumer Utility, Bank Franchise , Motor Vehicle License, Recordation and Conveyance, Other Local Taxes , 2Other Non -Shared Revenue includes: Permits, Fees , & Licenses, Fines and Forfeitures , Use of Money and Property, Charges for Services , Recovered Costs, and Miscellaneous Revenue $130 $120 "' C ~ $110 i .!: ~ $100 $90 FY 2024 Revenue Trends FY 2019 Actual Real Estate Revenue FY 2019 to FY 2024 FY 2020 Actual FY 2021 Actual FY 2022 Actual $122.97 / / $113 .3 ~ / $119 .49 FY 2023 Actual FY 2024 Budget/ Project i on "' C ~ $50 $45 i $40 .!: ~ $35 $30 -Actual -Budget FY 2019 Actual Personal Property Revenue FY 2019 to FY 2024 FY 2020 Actual FY 2021 Actual FY 2022 Actual - - -Projection FY 2023 Actual $44.50 FY 2024 Budget/ Projection $17 $16 $15 "' C ~ $14 ~ .!: ~ $13 $12 $11 FY 2024 Revenue Trends FY 2019 Actual Sales Tax Revenue FY 2019 to FY 2024 FY 2020 Actual FY 2021 Actual FY 2022 Actual $15.1 6,, / FY 2023 Actual -Actua l / / $16.40 • FY 2024 Budget/ Projection $9 $8 "' C ~ ~ .!: ~ $7 $6 -Budget FY 2019 Actual BPOL Revenue FY 2019 to FY 2024 $7 .33 FY 2020 Actual FY 2021 Actual FY 2022 Actual ---Project io n $8.75 $8 .66 ___ ♦ FY 2023 Actual $7.80 FY 2024 Budget/ Projection $2.0 $1.5 "' C ~ ~ $1.0 C ~ $0.5 $- FY 2024 Revenue Trends $1.51 FY 2019 Actual Hotel/Motel Revenue FY 2019 to FY 2024 $1.47 FY 2020 Actual FY 2021 Actual $1.69 FY 2022 Actual $1.86 - FY 2023 Actual -Actual $1.95 --♦ FY 2024 Budget/ Projection -Budget $6.5 $6.0 $4.5 $4.0 FY 2019 Actual Meals Tax Revenue FY 2019 to FY 2024 FY 2020 Actual FY 2021 Actual FY 2022 Actual ---Projection FY 2023 Actual $6.20 FY 2024 Budget/ Projection FY 2024 General Government Revenue Summary • Overall revenues are currently trending above budget • Projections are based on trends seen to date and may fluctuate as more data becomes available • Staff continue to monitor trends in the economy and potential affects on current year revenues Mid-Year Actual Expenditure -General Government FY 2024 FY 2024 FY 2024 Actual+ Remaining %of Category Budget Encumbrances* Balance Budget Spent Personnel $ 86,822,685 $ 42,965,950 $ 43,856,735 49.49% Non-Personnel/Encumbrances 32,306,667 16,488,729 15 ,817 ,938 51.04% Transfers & Other 124,135,647 69,410,943 54,724,704 55.92% Total $ 243,264,999 $ 128,865,622 $ 114,399,377 52.97% • Transfers anticipated to expend entire budget *Note: Actuals are through December 31, 2023 FY 2024 General Government Expenditure Summary • Personnel is currently on target • Non-Personnel/Encumbrances • Overtime over budget especially within Public Safety • Other operating expenditures such as contracted repairs, maintenance, fuel, and utilities continue to trend above budget • Tax relief for the elderly and disabled/veterans above budget FY25 Capital Improvement Program Update Capital Improvement Program Needs • Aging facilities replacements and repairs • HVAC systems for Public Safety, Courthouse, Jail, Social Services, etc • Dehumidification system for Green Ridge • Roof replacement for Public Safety, Courthouse, Jail, Green Ridge, etc • Results from various assessments and studies finalized • RCAC, Fire & Rescue, Capital facilities • Hollins Library • Economic Development infrastructure • Future transportation projects and VDOT funding considerations Capital Improvement Program Priorities Scheduled for Fiscal Description Projected Cost Year Poages Mill Sewer project $ 3,270,000 2025 and 2026 Hollins Library $ 16,100,000 2025 and 2026 Hollins Fire Station $ 5,000,000 2026 Fort Lewis Fire Station $ 5,900,000 2027 and 2028 Regional Fire Training Center $ 15,400,000 2027, 2028 and 2029 Brambleton Center replacement $ 5,100,000 2029 Cave Spring Fire and Rescue Station $ 8,000,000 2029 Bent Mountain and Mount Pleasant Library renovations $ 2,310,000 2030 and 2031 continued Capital Improvement Program Priorities {continued) Description Roanoke County Administration Center renovation Mount Pleasant Fire Station Vinton Fire and Rescue Station Bent Mountain Fire Station Catawba Fire Station $ $ $ $ $ Projected Cost 25,800,000 1,700,000 6,650,000 2,080,000 2,350,000 Scheduled for Fiscal Year 2031 and 2032 2031 and 2032 2033 2033 and 2034 2033 and 2034 Next Steps Item Work Session -FY 2024 -2025 Revenue Outlook; County Fees & Charges Compendium Work Session -FY 2021-2025 Compensation Update, Outside Agency Funding Work Session -FY 2025 -2034 Capital Improvement Program Public Hearing on Effective Tax Rate ----------.,,-,-,:-:----~~ Briefing -County Administrator's Proposed FY 2024 -2025 Operating Budget and Capital Improvement Program Work Session -Proposed FY 2025 Operating Budget (first of two) Public Hearing to Adopt 2024 Tax Rates Work Session -Proposed FY 2025 Operating Budget (second of two) Public Hearing: Operating and Capital Budgets (first of two) Public Hearing: Operating and Capital Budgets (second of two) First Reading of FY 2024-2025 Operating and Capital Budget Ordinances Second reading of FY 2024-2025 Operating and Capital Budget Ordinances Resolution to approve Operating and Capital budgets, Revenues and Expenditures for County and Schools 2024 Date February 13 February 27 March 12 March 26 April 9 April 23 May 14 May 28 I l Questions