Agenda - 06-15-2010 - 4a - Laserfiche WebLink

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4 1 2 Medicaid -Sales Tax Swap Formula 3 Fisca12009-2010 4 5 County Estimated Revenues $15.7 million 6 Less Cities Hold Harmless $2.0 million 7 County Revenues $13.7 million 8 9 County's Hold Harmless $3.2 million 10 Plus Cities Hold Harmless $2.0 million 11 County Lost Revenues $5.2 million 12 Less Estimated Medicaid $5.0 million 13 Hold Harmless Threshold $ .2 million 14 15 Medicaid -Sales Tax Swap Formula �I 16 Hold Harmless Threshold $ .2 million ' 17 Plus $.5 million Guaranteed by state$ .5 million 18 Estimated County Hold Harmless $ .7 million 19 20 Total Sales Tax Revenues $14.4 million 21 (13.7 million + $.7 million) 22 23 Sales Tax before Medicaid Swap $15.7 million 24 Net Hold Harmless Revenue Loss $ 1.3 million 25 26 Medicaid - Sales Tax Swap Summary 27 Estimated Medicaid 28 Now paid by the State $5 million 29 30 Sales Tax Revenues lost 31 Due to Medicaid Swap $1.3 million 32 33 County Benefit of Medicaid Swap $ 3.7 million 34 35 Sales Tax Revenues Summary 36 ❑2010-2011 Sales Tax Revenues estimated to grow by 2% 37 ❑2010-2011 Medicaid Expense estimated to grow by 8-10% 38 ❑The County will continue to benefit from the Medicaid - Sales Tax swap but future growth of 39 Sales Tax Revenues will be limited. 40 41 Proposed Chapel Hill Carrboro City Schools District Tax Rate Effective July 1, 2010 42 ❑Recommended tax rate of 18.84 cents per$100 of assessed valuation 43 ■Represents no increase in the property tax rate for the District 44 ❑Recommended tax rate will generate $18.6 million 45 ■In addition to funds district will receive from Countywide property taxes 46 ❑One cent on district tax estimated to generate $987,247 47 48 Recommended Funding for Chapel Hill Carrboro City and Orange County Schools 49 ❑Total General Fund appropriation totals $84.1 million