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Other Potential Financial Implications <br />^ Affect on percentage of General Fund budget earmarked for education and 48.1 °lo <br />target <br />^ Future disposition of CHCCS district tax unresolved <br />^ Combined available building capacity could allow unused space to be filled through <br />student reassignment <br />^ With addition of new capacity already "in the works", further new school opening <br />timelines could be delayed beyond current 10 year CIP cycle <br />Other Approaches To Equalizing Funding <br />^ Countywide Supplemental Tax <br />^ Increase Countywide Ad Val Orem Tax Rate <br />^ Financial implications essentially the same as for Countywide supplemental tax <br />^ Implementation of Orange County Schools Supplemental Tax <br />Hypothetical Countywide Supplemental Tax <br />^ Could be part of a merger plan, or an alternative thereto <br />^ BOCC may initiate, or may pursue in response to Board of Education-approved <br />petition <br />^ In either case, subject to affirmative vote in referendum <br />^ Proceeds distributed an per pupil basis <br />Hypothetical Countywide Supplemental Tax <br />^ Major Assumptions: <br />. CHCCS district tax incrementally reduced to zero <br />. CHCCS "held harmless" by continued funding of $1,167 per pupil <br />. Tax base growth of 3% in non-revaluation years, 25% in revaluation years (2005, <br />2009, 2013) <br />. "Revenue neutral" tax rate adjustments in revaluation years lead to lower tax rates <br />in out years <br />Student membership based on certified SAPFO projections <br />^ Estimated tax rate impacts <br />3 year scenario - 16.9 cents <br />5 year scenario - 16.5 cents <br />. 10 year scenario -10.6 cents <br />Hypothetical OCS District Tax Appendix P1 <br />^ Requires majority vote in referendum; maximum rate of 60 cents per $100 valuation <br />^ Would take effect fiscal year following vote <br />^ Board of Commissioners may initiate election; must call for election if school board <br />petitions <br />^ Would operate simultaneously with CHCCS district tax; assumes CHCCS is "held <br />harmless"; BOCC establishes tax rate annually <br />^ One cent an an OCS district tax would generate less than one cent on CHCCS district <br />tax <br />^ Estimated 2003-04 tax rate needed to generate $1,167 per pupil would have been <br />22.4 cents <br />Hypothetical Tax Rates Necessary to Provide Equal Per Pupil Funding from <br />CHCCS and Possible OCS District Taxes <br />