In a third-quarter update on the 2013 budget, the Washtenaw County administration is projecting a budget surplus of $1,079,748. County administrator Verna McDaniel and the finance staff delivered the update at the Nov. 6, 2013 meeting of the county board of commissioners.
The expected surplus is higher than the one projected earlier this year. During a second-quarter 2013 budget update that the county’s financial staff delivered on Aug. 7, 2013, a $245,814 general fund surplus was projected for the year.
The surplus is attributed in part to higher-than-expected general fund revenues of $103,805,884 – compared to $99,722,141 in the 2013 budget that county commissioners approved late last year. Total expenditures are expected to reach $102,726,136.
The surplus means that the county will not need to tap its fund balance in 2013 in order to balance the budget, as it had originally planned to do. By the end of 2013, the general fund’s fund balance is projected to stand at $17,867,835 or 17.3% of general fund expenditures and transfers out.
There are three areas that staff will be monitoring, which could affect the budget: (1) fringe benefit projections; (2) personal property tax reform; and (3) the impact of federal sequestration. [.pdf of third-quarter budget update presentation]
This brief was filed from the boardroom of the county administration building at 220 N. Main St. in Ann Arbor, where the board of commissioners holds its meetings. A more detailed report will follow: [link]