2010 Agenda Action and Budget Reports

Agenda Action Reports

Quarterly Economic Outlooks

As a direct result from the global recession, FY 2009 and FY 2010 have created fiscal challenges. An economic report of Cabarrus County’s annual budget for FY 2009 (July 2008 – June 2009), showed declining revenues as well as service level impacts. Conservative projections suggest general fund revenues will not reach the original FY 2009 forecast until FY 2012. Revenues from Register of Deeds, building inspections, and building permits were down by 37% to 48% from FY 2008. Likewise, sales tax revenues declined by 16%. Property tax valuations have shown steady growth over the past several years. In FY 2009, property tax revenues increased by 31% over FY 2008 due to the revaluation of real property. County leadership is closely monitoring major revenue sources and will make adjustments if needed. Overall, Cabarrus County has a fiscally strong bottom line, with a balanced diverse economy, and commitment to conservatism and strategic focus in its approach to evaluating both revenue and expenditures for fiscal solutions.

For details, view the Second Quarter 2010 Economic Report