A budget deficit occurs when an entity spends more money than it takes in.
"Once we were able to pry loose the information from the county, we were told the looming deficit could range between $20 million and $25 million."
Allen Johnson: I want my county government back
Greensboro News & Record
Budget Deficit
The amount by which a government, company, or individual's spending
exceeds its income over a particular period of time.
Also called deficit or deficit spending.
Opposite of budget surplus.
If Guilford County's projected deficit consists of $17 million in cuts
plus the $34 million the county intends to spend more than it recieves,
does the 2010/11 budget deficit = $51 million?
If they can get you asking the wrong questions, they don't have to worry about answers
Thomas Pynchon
Summary of Revenues, Expenditures, and Changes in Fund BalancesFy 2010 – 2011 Proposed Guilford County Budget, Page 19 at the bottom
"TOTAL Expenditures (17,210,932)
Excess (deficiency) of revenues over expenditures (34,000,110)"
Budget Deficit
(Government, Politics & Diplomacy) the amount by which government expenditure
exceeds income from taxation, customs duties, etc.,
in any one fiscal year
10 comments:
Maybe that's why Fox refused to offer a number to the question "what is the deficit" as opposed to "here are the proposed cuts"
How did who recieve the info from the county sent by whom?
If the question is asked, is it not an information request that has to be in writing?
this may or may not be interesting.
How much do they intend to borrow this year?
2010/11 Total Debt Service $77,015,664 from $49,250,147 in 2009.
http://www.co.guilford.nc.us/11budgetpro/30%20-%20Debt.pdf
"Based on estimates of future debt service for all currently authorized general obligation debt
and annual operating budgets, the County will exceed its guideline for general obligation
debt service in fiscal years 2012 - 2016. At its highest, debt service will peak at just under
18% of the operating budget in Fiscal Year 2012-2013. This spike in debt service is due to
payments on the initial issues of the $651,430,000 in bonds approved by voters in May 2008."
http://www.co.guilford.nc.us/11budgetpro/30%20-%20Debt.pdf
HOLY COW
If the county spends down to thier reserve limit this year, where are they going to get the $27,502,224 for increased principle and interests payments in 2011/12?
http://www.co.guilford.nc.us/11budgetpro/30%20-%20Debt.pdf
3rd Page, and the chart on the 5th shows debt payments going over the county guidlines
Does that spreadsheet on page 5 mean the county government, ie taxpayers, are going to have to come up with $108,224,358 in the next 3 years?
This must be wrong.
The paper or whoever would have pointed it out by now.
So if the county goes down to the reserve minimums this coming year, will they have to cut the $34 million and then another $27 million from the budget in 2011/12?
$61 million either represents major, major cuts, a huge tax increase or big cuts and tax increases.
IF THIS IS TRUE, WE HAVE BEEN LIED TO.
Doesn't Guilford County and Greensboro have an Inspector General or something for this stuff?
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