Surry County finance officer reports higher-than-budgeted property tax receipts and $71.1 million in cash through March

Surry County's finance officer on April 21 told the Board of Commissioners that the county's fiscal-year finances are generally on track through March but that inflationary pressures are driving some cost pressures in specific areas.

Laura Neely, finance officer, said general-fund revenues were ‘‘70% of the budgeted amount for the year’’ through the end of March. She reported that property-tax collections were at 101.6% of budget and prior-year taxes and fees at 91.3%. Sales-tax numbers in the county's Munis accounting system were 1% over budget through December, Neely said. On the expense side, general-fund expenditures were at 66.4% of budget through March.

Neely also said the county's bank balances through March totaled $71,126,132.44. She told commissioners that Invest in Surry spending is being carried forward and that the county had not yet needed to draw on fund balance for operations.

When commissioners asked about inflationary impacts, Neely said there would be forthcoming budget amendments tied to the sheriff's department and jail costs, specifically inmate meals and inmate medical care. She added that the insurance line was higher than preferred at 77.6% of budget and that policy and administration accounts had some one-time fees such as software licenses that pushed spending in those lines.

Neely told the board the county budgets to a conservative collection rate (now at 97%) and that actual collection rates historically reach about 99% by year-end, based on the recent audit.

Provenance: The finance report began when Laura Neely delivered the monthly report and concluded with commissioner questions about inflationary effects and anticipated amendments for jail-related costs.