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Midyear report: New Hanover County fiscal results broadly on track; sales tax receipts near budget
Summary
County finance staff reported halfway fiscal-year results showing revenues and expenditures largely favorable to budget, with sales tax receipts closing a small gap after recent months; landfill capital purchases drove higher enterprise expenditures.
New Hanover County finance staff presented financial results for the six months ending Dec. 31, 2024, and told the Board of Commissioners Feb. 18 that revenues and expenditures are generally tracking favorably relative to budget.
Total general‑fund revenues to date were reported at about $235.0 million versus budget expectations near $225.0 million; total expenditures for the six‑month period were about $184.0 million versus a budgeted $199.4 million, producing a favorable variance largely tied to timing. Property‑tax receipts through the end of the January payment window were reported around $211.6 million compared with the budgeted $210.1 million; finance staff said property‑tax collections are expected to meet or slightly exceed budget by fiscal year‑end based on recent historical receipt patterns.
Sales tax receipts initially trailed the budget by roughly $1.1 million but staff reported two more months of collections after Dec. 31 that put sales tax revenue only about $100,000 under budget for the year to date. Staff characterized the sales‑tax variance as timing related and noted a modest increase compared with prior years.
Enterprise funds were reviewed: the Environmental Management Fund (landfill) reported higher revenue ($9.3 million vs. budgeted $8.1 million) while first‑half expenditures rose because of two large capital outlays — a shredder and a bulldozer rebuild — totaling about $2.25 million. Fire‑services and stormwater funds were generally within expectations, with stormwater fee increases for FY25 producing higher receipts; stormwater expenditures lagged budget because many projects are scheduled for the second half of the fiscal year.
Finance staff emphasized that being under budget by $10–$15 million at midpoint is a favorable position given typical year‑end committed expenditures that roll into the next year. Commissioners discussed tonnage at the landfill and the longer‑term issue of landfill capacity.
