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County finance director reports FY25 results: revenues exceeded budget, fund balance remains strong
Summary
Finance staff reported FY25 revenues of $395 million (about $2 million over budget) and a general-fund expenditure gap of $37 million driven largely by planned capital spending; unassigned fund balance rose to $79.3 million (18.3%). The board asked for follow-up on unexplained timing items and the status of property-tax appeals.
Eric Bridal, the county finance presenter, told the board that New Hanover County closed fiscal year 2025 with total general‑fund revenues of $395 million, about $2 million above budget, while total expenditures were $432 million — a $37 million negative variance driven primarily by $28 million in planned capital projects (including Project Grace direct cost, the Flossie Bryan property acquisition reported as a loan, New Hanover High School repairs, and mental‑health program expenditures).
Bridal said almost all of the capital expenditures were funded from non‑unassigned sources and that the county’s unassigned fund balance increased from $73.6 million to $79.3 million, representing 18.3% of expenditures and above the county’s 16.7%–21% target range. He also updated the board on the revenue stabilization fund (about $293.8 million at June 30) and the mental‑health and substance‑use disorder fund (about $44.4 million), and noted a $10.375 million sale of a building to Cape Fear Community College recorded 10/31/2025.
Commissioners probed the remaining unexplained $12 million of the $37 million gap and asked about the number and cost of property‑tax appeals; Bridal said some of the difference was due to timing and that staff would follow up with detailed breakdowns. Commissioners noted appeals can be costly to administer and asked staff to monitor that risk.
