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• Nearly 1.4 cents of proposed increase attributable to funds needed to pay debt <br />service on the sale of the 2001 voter approved bonds and recently issued alternative <br />financing <br />• One cent on tax rate generates $1,011,179 <br />Major Milestones for Fiscal Year 2003-04 <br />• Schools Adequate Public Facilities Ordinance (SAPFO) provides for reasonable and <br />sustainable construction of new school space for students <br />• Fundamental changes in delivery of animal shelter services <br />• Planning of recreational facilities at Little River Park, Efland Cheeks Park, Twin <br />Creeks Park and West Ten Soccer Complex <br />• Reduced building inspection related wait times far citizens <br />• Creation of emergency notification network for non-English speaking residents during <br />natural disaster periods <br />• Cedar Grove Branch Library at Northern Human Services Center opened in April <br />2004 <br />• Planning and design of Phase I expansion of the Justice Facility in Hillsborough <br />began <br />• Orange County Schools students have the opportunity to learn in alternative school <br />environments <br />• Opening of Rashkis Elementary School provided 619 new elementary seats for <br />CHCCS students <br />Tonight°s Presentation <br />/General Fund Revenue Highlights <br />/General Fund Expenditure Highlights <br />/Solid Waste Enterprise Fund <br />/On the Horizon <br />General Fund Revenue Highlights <br />Property Taxes Remain Largest Single Source of Revenue <br />General Fund Revenues <br />• Estimated real property tax base growth for fiscal year 2004-05 will be about 4 <br />percent <br />- Property Tax revenue increases about $7.65 million from original 2003-04 budget <br />. Approximately $3.1 million comes from natural tax base growth and the <br />balance produced by the proposed tax rate increase <br />• Projected overall growth in sales tax is 4.5 percent <br />