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<br />increase of $436,870 over the FY X009-~0 level of funding recommended by the <br />County Manager. During tonight's work session, staff will share e proposed funding <br />plan to cover the increased costs for Library Services. <br />Chapel Hill Carrboro City Schools -Construction of Carrboro High Cultural Arts <br />'U1ling <br />Also during the June 9, 2009 budget work session, Cornrnissioners committed to <br />construction of the Carrboro l~Cigh Cultural Arts vlling. The Eoard was clear its <br />commitment is contingent upon the availability of federal economic stimulus no <br />interest Ivan monies. Absent the federal loan, the Board did not make a <br />commitment to construction of the project. <br />Based on information available at this time, staff anticipates e total of $5 million in <br />stimulus loans will be available in two installments. The first installment of $2.5 million <br />anticipated in December 2409, and the second $2.5 million anticipated in December <br />2010 The estimated loan repayment period is 2 years. Annual debt service payments <br />of approximately $208,350 for the first installment would begin in 1=Y 2010-~ ~. For the <br />second installment, annual debt service payments of approximately $208,354 would <br />begin in the following fiscal year, 201 -~ 2. There is no financial impact anticipated <br />for the upcoming ~009~~ 0 fiscal year. <br />2009 Retirement.lncentive Program <br />The Board requested additional information regarding the proposed 2009 Retirement <br />incentive Program Attachment 2 provides a draft proposal of how the program would be <br />implemented and administered. <br />Tonight's Agenda <br />The Board is scheduled to adopt the final l~Y 200910 Annual Operating Budget for <br />Change County at its regular meeting on June ~ 6, 2009. Tonight's work session offers an <br />opportunity for the Board to deliberate and make budget decisions for l=Y 200910. <br />Attachment 3 identifies specific items the Board would need to decide upon during <br />tonight's work session. <br />FINANCIAL IMPACT: To be determined as the Board finalizes the 1=Y 2009-10 Annual <br />operating Budget. <br />RECOMM~NDATI(7N ~5~: The Manager recommends the Board make decisions <br />regarding the 1=Y 2009-10 grange County Annual operating Budget end approve a <br />Resolution of Intent to Adopt the 1=Y 2009-10 ~renge County Annual operating Budget. <br />