Guilford County’s “unappropriated fund balance” is essentially the county’s savings account, and, at a recent work session of the Guilford County Board of Commissioners, Guilford County Manager Mike Halford said that, as he prepares the new fiscal 2023-2024 budget, he has concerns about the declining level of those savings.
In the current fiscal year, Guilford County had to pull money out of the fund balance to pay for some expenditures, and, Halford said, he wants to be sure Guilford County has enough savings in the next budget, which is scheduled to be adopted in June of this year.
“Obviously one of the things of concern to me is that decline – what’s available for a huge true emergency without touching restricted funds,” Halford said. “So, my first sense is that we need to be aware of that decline and, in FY23 [fiscal year 2022-2023], I think we are projected to use some of our fund balance.”
“Adding to that are some concerns going into the FY [2023-2024] budget process,” Halford said.
The manager said that county officials don’t know what economic conditions will be like in late 2023 and in 2024 but added that right now the county must plan for a budget that runs all the way into the middle of next year.
He noted that there are other concerns that add to uncertainty, such as the fact that the State of North Carolina is having problems paying out sales tax money that Guilford County is due.
Guilford County Budget Director Toy Beeninga explained why having adequate savings is so vital for the county.
“We all know that fund balance is important, but just to reiterate, it ensures that the county can meet our cash obligations throughout the year,” he told the board at the work session. “It also makes sure that we have reserves available for emergencies or unforeseen events that occur during the year, so that we don’t have to impact county operations to fund those unforeseen events. It also really helps with our bond ratings.”
Tell Skip to get rid of the 5 additional minority give aways positions that were not budgeted last year and put that money back where he stole it from
So, we gave you 30% more in property taxes, the Fed gave you hundreds of millions and you are depleting your savings account?
Oh that’s right, you were elected by a majority so full speed ahead.
With the colossal tax increase, they put on us last year they better not be looking to the taxpayers to shore up the savings account. They already owe us quite a bit of money back for that move.
The state has a legal requirement for a minimum of 8 percent unreserved fund balance. Was there any discussion on what the county’s current level is now?
So the Democrat controlled County Commissioners have jacked up everyone’s Property Tax bill BY TWENTY PERCENT in one year – AND STILL RAIDED THE SAVINGS ACCOUNT to hose away even more money !
Skip and his sycophants are not fit to manage a corner hot dog stand.
Imagine that. My taxes go up and they still don’t have enough money. I guess they will stick us again and raise taxes again.
How about the wad of cash extorted from the taxpayer?
Don’t trust you. Tell me how you will cut expenses.
Are you kidding? You just raised property taxes to a new record. This generates so much money you cannot find ways to spend it. What a bunch of baloney.
Where did all the property tax increase money go? Get on that Yost! Please.
It went to the Faithful.
We are using more of our limited savings because of our govt. The only solution is to die, or move in with the kids.
Have you tracked your water bill lately?
Concerning? Was it concerning enough while you folks were going through hundreds of millions in Covid/ARPA monies? Wasn’t that overspent by millions? Isn’t the real problem overtly liberal policies, racist practices such as the overkill MWBE cluster squad, overspending on welfare queens, delaying the inevitable with Covid, etc. etc? Didn’t the county have a projected $80 million surplus after the property reval? Didn’t you folks push for more bonds and then give the irresponsible schools more money from your base budget on top of those? DO MORE WITH LESS – Lower the tax rate & refund John Q Public. CUT PROGRAMS, CANCEL PROJECTS, damn, it’s not hard to figure out that libtards don’t care how much groceries are, the government will provide all our needs. Baloney! There’s already an emergency folks! It’s called way too many bleeding heart, social justice liberals & spineless so-called conservatives that don’t stand up to them. Priority one is to erase every Democrat on every ballot in upcoming elections. Send ’em home or send ’em to hell, that’s what they’re turning society into on their own anyway.
Well if the County employees stop misappropriating funds or stop directing funds to their Non Profits for Profit, maybe things could even out. But once a corrupt County, always a corrupt County. When the County is effectively being run by “Mental Midgets” what do you expect. Does Democrat ring any bells. Their famous for raiding their own campaign funds why stop there. Keep electing them and see how things bottom out.
Times are tough all over. The county might do well to do like the rest of us. Suck it up and do without.
Makes you wonder how much money they were spending BEFORE the big tax hike.
I will remind all the folks that voted for SKIP and his Band Look for taxes to go wild. I would welcome Any or all Republicans suchas the ones we had from 2012 to 2020. By the way there no tax increases during this time. Be they were not hiring 10-12 people to look for any minority contractors in and around Greensboro. Why not give the Republicans another chance !!!!!You see what happens when you put in a bunch of losers in and open the money SPIGOT.
This is typical of the democrats, when are we going to wake up and get rid of them.
A separate article on this page describes the new streamlined process for non profits to apply for county funding. Coincidence? All should be fine once all those higher tax bills start rolling in next summer. If tax revenue is up 25 percent then up all the pet non profits by 15 percent and put the rest in the bank lol.
If Guilford County’s savings account is low now wait until the Samet lawsuit is settled.