By Orange County Supervisor Shawn Nelson
The Board approved the FY 2013-14 third quarter budget report and recommended actions. Notably, property tax revenue is nearly 6% above projections, which equates to about $17.5 million more than anticipated. However, sales tax revenue from Proposition 172 is slightly lower than projected by about half a percent, or $700,000.
There was less use of General Fund dollars due to lower than projected expenditures and higher than projected revenues in Public Protection. In addition, there was higher than projected revenue due to timing of receipt of the 2014 prepaid pension obligation bond proceeds. Continue reading