Boone County’s administration is pleased with the fiscal year 2024 first quarter budget performance in both the revenue and expenditure categories, Treasurer Rob Notton said.
“Positive budget performance during fiscal year ’23 enabled the county to end the prior fiscal year with an exceptional year-end carryover balance in the general fund,” Notton said. “In fact, the county exceeded its forecasted carryover total by 24.3%. Higher than anticipated end of term excess fees for both the county clerk and sheriff’s office were the main driver.”
Boone County Fiscal Court received the report at Tuesday’s regular session.
“We do a forecast in the spring of how we’ll finish the fiscal year,” Notton said. “And we finished better than anticipated based on some things that happened late in the year for ’23. The dollar value was $10.2 million – $5.4 million of that were clerk and sheriff’s excess fees. That’s the biggest piece of that.”
With regard to revenue, first quarter receipts indicate the county has posted total revenue consistent with expectations in the fiscal year ’24 budget, Notton said.
“Adjusted for reserves, the general fund revenue collection was $15.4 million or 20.6 percent for the first quarter,” Notton said. “Considering that no property tax receipts had been booked in this quarter, this level of activity is on an early pace to meet the budget forecast.”
Most of the county’s major revenue sources in the general fund met or exceeded first quarter projections, Notton said.
“Occupational license revenue collection began the year strongly, totaling $10.8 million,” Notton said. “Other major revenue categories that are trending at or above the same quarter last fiscal year include net profit tax, charges for services, miscellaneous revenue and interest earned.”
Categories slightly behind the pace from the same quarter last year include motor vehicle tax, franchise taxes, excess fees, licenses and permits and intergovernmental revenues, Notton said, adding those categories are sensitive to cyclical timing of receipts and there are no concerns that the county will not reach its forecast at year end.
“Expenditure activity within the general fund for the first quarter was in line with expectations at 25.3 percent of budget,” Notton said. “General fund expenditures totaled $13.5 million. All departments within the general fund are on an early pace to end the fiscal year at or below annual appropriations. There were no unexpected or remarkable circumstances to report in any single county fund.”
The analysis offered a number of positives, Boone County Judge/Executive Gary W. Moore said.
“Great report,” Moore said. “Our recent meetings on infrastructure projects of water, roads and other things – we’ve got plenty of opportunities to invest these numbers in key projects that are high priorities of the Court from our strategic planning.”