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County Manager's Recommended 2004-05 Annual Operating Budget <br />Education Funding <br />Work Session with Schools <br />Orange County, NC <br />June 70, 2004 <br />Manager's Recommended General Fund Budget Totals $137,351,929 ~~~ <br />Property Taxes Remain Largest Single Source of Revenue <br />General Fund Revenues <br />• Estimated real property tax base growth far fiscal year 2aa4-a5 will be about 4 percent <br />- Property Tax revenue increases about $7.65 million from original 2x03-a4 budget <br />. Approximately $3.1 million comes from natural tax base growth and the balance <br />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 received <br />from State and Federal sources, totals $3aa,aaa <br />Growth in Property Tax Base Compared to County Operating Budget Growth <br />Orange 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 $66.3 <br />million <br />- Reflects a $3.5 million increase from 2aa3-a4 <br />• Qverall share of County budget is 48.4 percent <br />- BC~CC 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 2a cents per $1aa valuation <br />- Anticipated collections of $12.9 million <br />+ Equivalent of $1,178 per student <br />