Minutes 05-24-2011 - Laserfiche WebLink

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•Funds local school districts at the same funding level for current expense, recurring and long range capital Fiscal Year Tax Increase Approved Amended Difference Ending/Ended 2007 Yes $163,473,184 $166,585,727 $3,112,543 2008 Yes $173,625,351 $177,228,766 $3,604,415 2009 Yes $183,005,580 $191,754,758 $8,749,178 2010 No $177,589,039 $185,940,474 $8,351,435 2011 No $175,313,920 $181,143,619 $5,829,699 2012 — Mgr's No $177,279,970 N/A Recommended Difference in 2009-2012 2009-2011 Budget Since Last Tax $ ($5,725,610) $ (10,611,139) Increase/Reval. Proposed Ad Valorem Tax Rate Effective July 1, 2011 •Recommended tax rate of 85.8 cents per$100 of assessed valuation •This rate produces $133 million in property tax revenues for FY2011-12 •Overall Property valuation increased 1.2% •One cent on property tax estimated to generate $1,537,967 General Fund Revenues - Property Taxes—75.3% - Sales Taxes— 8.6% - Intergovernmental Revenues —9.0% - Charges for Services, Licenses, and Permits— 5.5% - Investment Earnings, Miscellaneous, Transfers — 1.5% Sales Tax Revenues •Recommended Sales Tax Revenues of$15.3 million is 5.5% higher than the $14.5 million budgeted in 2010-11 •Actual sales tax revenues are down over 47% since the peak of$22.5 million in fiscal 2007-08 •The Medicaid - Sales Tax swap will continue to limit future growth of sales tax revenues •2011-2012 Sales Tax Revenues estimated to grow by 1 to 2 percent next year. Proposed Chapel Hill Carrboro City Schools District Tax Rate Effective July 1, 2011 •Recommended tax rate of 18.84 cents per$100 of assessed valuation •Represents no increase in the property tax rate for the District •Recommended tax rate will generate $18.8 million for the Chapel Hill — Carrboro School District •This represents an additional $1,605 per pupil above the County's allocation