FISCAL YEAR 2025 FINANCIAL RESULTS: GENERAL FUND SUMMARY
The General Fund is the primary tax and operating fund for county governmental activities used to account for all county revenues and expenditures which are not accounted for in other funds, and which are used for the general operating functions of county agencies. The charts shown here report only on the General Fund and are presented on a current financial resource, non- GAAP basis. More detailed GAAP basis financial statements can be found in the county’s ACFR in the Basic Financial Statements, and Required Supplementary Information. General Fund Revenues Seventy-nine percent of the county’s General Fund revenues and other financing sources come from property taxes on real and personal property. The other 21% comes primarily from sales and other taxes, intergovernmental & transfers-in, and charges for services and use of property. This mix has remained relatively consistent over the past three fiscal years, with property taxes 79% of total revenues, other local taxes 8% to 9%, and intergovernmental and transfers-in 5%. For FY 2025, actual tax revenues from all sources - including local, commonwealth, and federal - exceeded amended budget amounts by $154.9 million. Real property taxes driven by increases in assessment values and continued growth of commercial and industrial properties provided $9.7 million of the increase. Personal property taxes for computer equipment in data centers exceeded the budget by $29.6 million. Other personal property increases, including vehicles, accounted for $39.0 million of the increase due to elevated assessed values of vehicles and additional equipment and furnishings that accompany the growth in commercial properties in the county.
Intergovernmental revenues fell short of the amended budget by $47.7 million, primarily due to resources received before eligibility requirements were met for programs such as pandemic recovery activities and broadband initiatives which are budgeted as received. Since the timing of these grant funds crosses fiscal years, not all funding was spent in FY 2025. Revenues not meeting recognition requirements were reclassified as liabilities, to be recognized next fiscal year as spending continues. Revenues generated from interest on investments exceeded the budget by $54.5 million due to interest on investments far exceeding expectations, higher than expected interest rates, and growth in the size of the county’s portfolio have contributed to a much stronger-than-expected performance in interest revenue. Leases and IT subscriptions inflows totaled $45.5 million; however these were offset with outflows as required by Governmental Accounting Standards Board accounting standards. Charges for services were $2.8 million below budget due to a decline in enrollment in preschools, daycares and afterschool activities and a delay in the opening of new facilities that charge fees for services.
FY 2025 REVENUES & OTHER FINANCING SOURCES BY TYPE
1% 1%
8%
Property Taxes 79%
1%
Intergovernmental & Transfers-in 5%
5%
Charges for Services & Use of Property 5%
5%
79%
Misc and Other 1%
Sales & Other Taxes 8%
Leases, IT Sub. & Public-Private Partnerships 1%
Permits & Licenses 1%
12
Powered by FlippingBook