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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 camel 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 />• Able to appropriate $1.6 million out of fund balance <br />- Equivalent of about 1.6 cents on tax rate <br />• State and Federal assistance to local governments continues to erode <br />- Overall expected growth in other County revenues, including those revenues <br />received from State and Federal sources, totals $300,000 <br />Growth in Property Tax Base Compared to County Operating Budget Growth <br />General Fund Expenditure Highlights <br />Qrange County Has Historically Led The State in Education Funding <br />Source: Annual Public School Forum Report <br />Public Education Funding for Fiscal Year 2004-05 <br />• Total General Fund appropriation for Education increases by 5.6 percent and totals <br />$66.3 million <br />- Reflects a $3.5 million increase from 2003-04 <br />• Overall share of County budget is 48.4 percent <br />- BOCC funding target is 48.1 percent <br />- According to the Public School Forum of North Carolina, "county education funding <br />generally consumes one-third of local budgets." <br />• CHCCS District Tax remains at 20 cents per $100 valuation <br />- Anticipated collections of $12.9 million <br />• Equivalent of $1,178 per student <br />Proposed Per Pupil Appropriation of $2,620 <br />• Orange County Board of Commissioners allocate school funding to each district <br />based on an equal per pupil amount <br />- Commissioners do not appropriate money to the Schools far individual line-items <br />or specific purposes <br />• Increase of $54 over the FY 2003-04 allocation of $2,566 <br />• Both systems experiencing increases in student membership <br />- Orange County Schools - 127 students <br />- Chapel Hill-Carrboro City Schools - 277 students <br />• Cast to fund increase in students totals $1,036,664 or the equivalent of 1.03 cents on <br />the tax rate <br />