Economic Overview
Regional Trends
•
•
•
•
Steady population growth
Construction is booming
New and expanded businesses
Unemployment near pre-recession levels
M e c k l e n b u r g C o u n t y N C . g o v
17
Economic Overview
Population Growth
2006 – 815,218
2015 – 1,055,791
M e c k l e n b u r g C o u n t y N C . g o v
18
Economic Overview
•
Total building permits issued for calendar year 2015 was 16,843
*2015 totals are thru third quarter
M e c k l e n b u r g C o u n t y N C . g o v
19
Economic Overview
Growth in the Tax Base
•
Property tax base growth reflects growth and consistency
•
The split between residential and commercial property has averaged 60%
residential and 40% commercial
M e c k l e n b u r g C o u n t y N C . g o v
20
Economic Overview
Vacancy Rates
*2015 totals are thru third quarter
M e c k l e n b u r g C o u n t y N C . g o v
21
Economic Overview
Home sales rebounding
$260,003
M e c k l e n b u r g C o u n t y N C . g o v
22
Economic Overview
New and Expanded Business in 2015
Summary of New and Expanded Business
Year
Firms
Jobs
Square Feet
(millions)
Investment
(millions)
*2015
722
6,406
4.2
$712.2
2014
1,156
11,105
3.1
$616.1
2013
1,138
11,530
5.7
$854.9
2012
1,180
9,595
6.9 $1,252.7
2011
1,089
8,850
6.2
2010
912
10,781
$669.4
6.4 $1,063.7
Source: Charlotte Chamber of Commerce
*2015 numbers are for 9
months
M e c k l e n b u r g C o u n t y N C . g o v
23
Economic Overview
Unemployment Rate
M e c k l e n b u r g C o u n t y N C . g o v
24
M e c k l e n b u r g C o u n t y N C . g o v
25
Expenditures by Core Service
*2016 is Budget
M e c k l e n b u r g C o u n t y N C . g o v
26
Revenue by Source
•
Property taxes continue to be stable, averaging 67% of total
revenue
** includes revenue appropriated to debt service fund
M e c k l e n b u r g C o u n t y N C . g o v
*2016 is Budget only
27
Real Property Assessed Valuation
(in Billions)
• Total budgeted assessed valuation for FY2016 is $119.5
billion
Assessed Valuation
(as of 12/31/15)
Budgeted
Real Property
Billed
$97.1
$99.2
Personal Property
9.3
9.7
Vehicles
8.7
3.7
State Certified
4.4
4.7
$119.5
$117.3
Total
M e c k l e n b u r g C o u n t y N C . g o v
28
Property Taxes
(in Thousands)
Property Taxes
FY2015
As of 12/31/14
FY2016
As of 12/31/15
Total Levy Billed
$920,944
$957,770
Tax Collections
$689,515
$649,726
74.87%
67.84%
Collections as a % of billed Levy
Total Tax Levy for FY2015
$952,894
Total Tax Collections for FY2015
$947,070
FY2015 Collection Rate
M e c k l e n b u r g C o u n t y N C . g o v
99.39%
29
Property Tax Collections
(in Thousands)
FY2015
Actual
Current Year Tax Collections
Prior Years Tax Collections
FY2016
Budget
FY2016
Projection
$947,070
$956,425
$985,911
(47,019)
4,826
(16,429)
M e c k l e n b u r g C o u n t y N C . g o v
30
Sales Taxes
(in Thousands)
Sales Taxes
FY2015
FY2016
$189,410
$209,442
Sales Tax Revenue Through December
48,662
55,225
Sales Tax Revenue to date as a
Percent of Total Sales Tax Budgeted
25.69%
26.37%
Total Sales Tax Budgeted
Total Sales Tax Revenue FY2015
M e c k l e n b u r g C o u n t y N C . g o v
$205,860
31
Sales Tax
3,000,000,000
2,500,000,000
Collected Statewide
2,000,000,000
1,500,000,000
Distributed in
Mecklenburg County
1,000,000,000
Distributed to
Mecklenburg County
500,000,000
0
2011
2012
2013
2014
M e c k l e n b u r g C o u n t y N C . g o v
2015
32
Intergovernmental Revenue
(in Thousands)
Type
Federal
FY2015 Actual FY2016 Budget
$120,036
$114,591
State
40,748
40,814
Local
7,182
6,141
$167,966
$161,546
Total
•
Intergovernmental revenue is
11% of County’s FY16 budget
M e c k l e n b u r g C o u n t y N C . g o v
33
Charges for Services / Licenses & Permits
(in Thousands)
Type
Charges for Services
Licenses & Permits
Total
FY2015 Actual
FY2016 Budget
$54,329
25,038
$79,367
$59,135
25,474
$84,609
M e c k l e n b u r g C o u n t y N C . g o v
34
Other Revenue
(in Thousands)
FY2015
Actual
Other Revenue
FY2016
Budget
$13,023
$9,664
Other Taxes
6,034
10,389
Investment Income
5,149
3,990
Administrative Charges
2,553
2,504
13,374
164
$40,133
$26,711
Transfers
Total
M e c k l e n b u r g C o u n t y N C . g o v
35
Revenues: General Fund
(in Thousands)
FY2015
Actual
FY2016
Budget
FY2016
Forecast
$671,956
$729,172
$734,591
Sales Tax
159,106
162,414
165,829
Intergovernmental
155,551
149,140
150,632
Investment Income
4,127
3,360
4,125
Licenses & Permits
25,038
25,474
25,729
Charges for Services
54,329
56,066
56,627
Other (incl. transfers)
33,143
22,721
15,977
Revenue Source
Property Tax
(includes prior year & interest)
Total $1,103,250 $1,148,347 $1,153,510
M e c k l e n b u r g C o u n t y N C . g o v
36
Expenditures: General Fund
(in Thousands)
Expenditures
Business Partners
Health & Human Services
Detention & Court
Support Services
Other
Transfers
Expended
Budget
Expended as a Percent of
Budget
FY2015
Actual
FY2016
Budget
FY2016
Forecast
$447,031
265,276
$465,165
281,657
$465,165
276,024
140,286
137,356
132,649
241,197
254,799
251,663
53,945
52,084
52,084
1,147,735 $1,191,061 1,177,585
$1,212,719
$1,191,061
94.6%
M e c k l e n b u r g C o u n t y N C . g o v
98.8%
37
Revenues: Debt Service Fund
(in Thousands)
FY2015
Actual
Revenue Source
Property Taxes
FY2016
Budget
FY2016
Forecast
$231,251 $234,079 $234,079
Sales Taxes
46,754
47,028
48,704
Intergovernmental
12,415
12,405
12,405
Interest Earned on Investments
1,022
630
630
Charges for Services
1,841
3,070
3,070
963
-
-
Other Financing Sources
Total $294,246 $297,212 $298,888
M e c k l e n b u r g C o u n t y N C . g o v
38
Expenditures: Debt Service Fund
(in Thousands)
Expenditures
Principal
Interest
Debt Service Reduction
Capital Transfers
Expended
FY2015
Actual
FY2016
Budget
FY2016
Forecast
$157,604 $170,778
$170,778
62,925
73,099
61,755
-
53,334
-
48,900
-
60,800
$269,429 $297,211
$293,333
M e c k l e n b u r g C o u n t y N C . g o v
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Fund Balance Projection
(in Millions)
FY2016
Fund Balance Projection
General Fund
Debt Service Fund
Budget Variance
Positive / (Negative)
- Revenues
$5.2
$1.6
- Expenditures
13.5
18.7
3.9
5.5
(42.7)
-
(24.0)
474.1
5.5
181.6
$450.1
$187.1
Subtotal
Appropriated Fund Balance
Net Change in Fund Balance
Fund Balance – Beginning
Fund Balance – End
M e c k l e n b u r g C o u n t y N C . g o v
40
Law Enforcement Service District Fund
(in Thousands)
FY2015
Actual
- Revenues
- Expenditures
Subtotal
FY2016
Budget
FY2016
Forecast
$ 13,384
$14,989 $14,699
(13,863)
(14,989) (14,989)
(479)
-
(290)
Appropriated Fund Balance
-
150
-
Net Change in Fund Balance
(479)
(150)
(290)
Fund Balance – Beginning
2,138
1,659
1,659
$1,659
$1,509
$1,369
Fund Balance – End
M e c k l e n b u r g C o u n t y N C . g o v
41
Fire Service Districts Fund
(in Thousands)
- Revenues
- Expenditures
Net Change in Fund Balance
Fund Balance – Beginning
Fund Balance – End
FY2015
Actual
FY2016
Budget
$ 4,027
$4,364
$3,990
(3,524)
(4,364)
(4,099)
503
-
(109)
1,101
1,604
1,604
$1,604
$1,604
$1,495
M e c k l e n b u r g C o u n t y N C . g o v
FY2016
Forecast
42
Summary – Financial Update
•
Unless otherwise noted slides reflect General
and Debt Service funds only.
•
Revenue projected to exceed budget by 0.5%
•
Expenditures estimated to be 1.2% below budget
M e c k l e n b u r g C o u n t y N C . g o v
43