Minutes 05-18-2010 - Laserfiche WebLink

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� Sales Tax Revenues ❑Recommended Sales Tax Revenues of $14.4 million is 14.3% less than the $16.8 million budgeted in 2009-10 ■Actual sales tax revenues are down over 30% since the peak of $22.5 million in fiscal 2007-08 ■The Medicaid - Sales Tax swap will limit future growth of Sales Tax Revenues Medicaid - Sales Tax Swap Formula Fiscal 2009-2010 County Estimated Revenues $15.7 million Less Cities Hold Harmless $2.0 million County Revenues $13.7 million County's Hold Harmless $3.2 million Plus Cities Hold Harmless $2.0 million County Lost Revenues $5.2 million Less Estimated Medicaid $5.0 million Hold Harmless Threshold $ .2 million Medicaid - Sales Tax Swap Formula Hold Harmless Threshold $ .2 million Plus $.5 million Guaranteed by state$ .5 million Estimated County Hold Harmless $ .7 million Total Sales Tax Revenues $14.4 million (13.7 million + $.7 million) Sales Tax before Medicaid Swap $15.7 million Net Hold Harmless Revenue Loss $ 1.3 million Medicaid - Sales Tax Swap Summary Estimated Medicaid Now paid by the State $5 million Sales Tax Revenues lost Due to Medicaid Swap $1.3 million County Benefit of Medicaid Swap $ 3.7 million Sales Tax Revenues Summary ❑2010-2011 Sales Tax Revenues estimated to grow by 2% ❑2010-2011 Medicaid Expense estimated to grow by 8-10% ❑The County will continue to benefit from the Medicaid - Sales Tax swap but future growth of Sales Tax Revenues will be limited. Proposed Chapel Hill Carrboro City Schools District Tax Rate Effective July 1, 2010 ❑Recommended tax rate of 18.84 cents per$100 of assessed valuation ■Represents no increase in the property tax rate for the District