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5 <br />• If approved by the voters, the '/4 cent sales tax will provide <br />approximately $625,000 in FY11-12 and approximately $2.5 <br />million annually <br />• To raise the same amount of revenue projected by the '/4 cent <br />sales tax ($2.5 million annually) would require approximately 1.7 <br />cents of property .tax rate increase (One cent on the current <br />property tax rate of 85.8 per $100 of assessed valuation eQUals <br />approximately $1.6 million) <br />• Property taxes make up about 75% of the General Fund revenue <br />base ($133 million) -Total General Fund Budget ($177 million). <br />• Passage would not supplant the BOCC endorsed funding target <br />of 48.1 % for OCS and CHCCS <br />• BOCC has established a 10-year commitment to allocate the <br />funds 50/50 between the two school systems and economic <br />development <br />• Fifty percent of the funding would be allocated in an equitable <br />manner to both school systems based on the average daily <br />membership of each system (facility improvements at older <br />schools and technology procurement) <br />• OCS and CHCCS are each responsible for developing their <br />detailed list of prioritized projects that could be completed with <br />the anticipated funding (if voter approved) over the next 10 years <br />• Fifty percent of the funding will be allocated to economic <br />development initiatives includes utility infrastructure, business <br />recruitment, small business loans, innovation centers for start- <br />up businesses, and support for agricultural businesses <br />