Minutes - 20090528 - Laserfiche WebLink

Browse Search

.Current projections are slightly higher than previous years •Departments had not completed final analysis of their particular revenues FY 2009-10 Revenue Projections Why are recommended General Fund Revenues $3.3 million more than anticipated in March 2009? •Property Taxes .$1.1 more in Manager's Recommended Budget than anticipated in March 2009 •Sales Taxes .$1.3 more in Manager's Recommended Budget than anticipated in March 2009 .Land Transfer and Construction Related Revenues .$400,000 more in Manager's Recommended budget than anticipated in March 2009 •Other Revenues .$500,000 more in Manager's Recommended Budget than anticipated in March 2009 Undesignated Fund Balance (bar graph) Undesignated Fund Balance as a Percentage of General Fund Expenditures (line graph) County and School Related Debt Service .Debt Service payments for FY 2009-10 total $25.7 million .Equivalent to 17.1 cents on FY 2009-10 ad valorem tax rate .14.5% of total General Fund .Compared to Board approved debt capacity limit of 15% .Debt service payments related to 2001 Bonds equates to about 3.4 cents on ad valorem tax rate .Total Debt Service payments for FY 2010-11 anticipated to increase by $2.5 million to $28.2 million .Mainly attributed to payments for April 2009 $30.9 million debt issuance .Financing included Library, Office, Gateway, Parks, Property Information System (PIMS) .First payments scheduled to begin in FY 2010-11 .FY 2010-11 payments total $3.9 million .Total increase offset by other existing debt payments reducing in FY 2010-11 .Anticipated tax rate impact of$2.5 million is between 1.5 and 1.6 cents on FY 2010-11 tax rate .It will take a General Fund budget of$188 million in FY 2010-11 in order for debt service payments not to exceed 15% of General Fund .$188 million * 15% = $28.2 million .Calculations do not take into account issuance of additional debt related to unfunded projects such as Carrboro High Arts Wing or Elementary#11 Debt Service Has Increased $10.3 Million Since FY 2006-07 (bar graph)