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options. Beginning with the sales tax, which is projected to be $9.6 million for next year, the property tax dedicated to retire debt service is added to the sales tax, which is $13.1 million. The Skills Development Center rental and the Inmate Jail Fees are added to this amount. This brings the total revenue to pay debt and pay-as-you-go capital for schools and County to $22.9 million for next year under the current policy. From that $22.9 million, the existing projected debt is subtracted, which is about $18.3 million. The net available pay-as-you-go revenue for school and County projects would be $4.6 million for next year. The way the current policy is written, once it gets down to the $4.6 million, the amount is split 50°lo to the schools and 50°!o to the County. The schools and the County would each get $2.3 million. There is also $802,000 from the Public School Building Fund that the schools would receive. The Board of County Commissioners has also committed 3 cents on the property tax rate for recurring capital far schools. Next year, this is projected to be about $3.5 million. These three pieces would total $6.6 million going to schools' pay-as-you-go far next year. This amount is split again to the schools based on the average daily membership. OCS would get $2.5 million, plus $970,000 for impact fees, plus $275,581 for peak debt service, less $1.7 for their portion of Cedar Ridge debt. The net amount for OCS, based on the current policy, is $2.1 million. Of the $6.6 million, CHCCS would receive $4.1 million, plus $1.6 million in impact fees, which totals $5.7 million for pay-as-you-go. On the County's side, of the $4.6 million, the County would receive $2.3 million. Based on the current policy, there is one cent on the property tax going to County projects, which is $1.1 million. There are also smaller restricted revenues that would go into County projects - $50,000 for Human Services automation projects; $50,000 for Utilities Extension; and $100,000 for Lands Legacy. The total for the County, based on the current policy, is $3.7 million. The next sheet outlines options 1 and 2. This is where the 60/40 split is on the pay-as- you-go revenues for the schools and the County, which is on line 42. The major differences between option 1 and option 2 are the Cedar Ridge debt. These options are different from the baseline option. In these options, the Public School Building Funds as well as school construction impact fees are taken off the top to pay debt service. The three cents dedicated for recurring capital for the schools would remain with the schools in bath options. The one-cent dedicated for County capital projects would remain with the County. The existing school debt in option 1, without Cedar Ridge being in the funding equation, is $13.2 million. If the Cedar Ridge debt is commingled with the other debt and is no longer the responsibility of the OCS, the debt service goes up to $14.9 million. Once it is allocated out, the net school debt is $9.8 million. The current policy has bits and pieces of property tax paying for certain debt issuances. This leaves $368,055 to be added to sales tax. The projected sales tax of $9.5 million is added. This leaves the net amount available for school and County capital projects at $9.2 million far option 1 and $7.5 million for option 2. The difference between option 1 and option 2 is the Cedar Ridge debt. The three cents property tax dedicated to schools recurring capital remains with the schools for options 1 and 2. The total amount for OCS is $2 million for option 1 and $3 million for option 2. The total amount for CHCCS is $5.5 million for option 1 and $4.9 million far option 2. The total amount for the County would be $4.8 million for option 1 and $4.1 million for option 2. Donna Dean then explained options 3 and 4. These options are similar to options 1 and 2, with the only difference being the dedication of the 3 cents and the 1-cent. In options 1 and 2, these were separate and distinct (3 cents for schools and 1 cent for the County}. Options 3 and 4 offer an alternative to commingle the total 4 cents and put it in the 60/40 split, where the schools would get 60°~ and the County would get 40°~. Donna Dean explained each equation for options 3 and 4. This is on page 3 of the handout, Fiscal Year 2005-06 Capital Funding Options.