Minutes 05-15-2012 - Laserfiche WebLink

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• Represents a $4.8 million decrease in the current year's amended budget Orange County Budget Past 5 Fiscal Years (chart) Proposed Ad Valorem Tax Rate Effective July 1, 2012 - Proposed tax rate of 85.8 cents per $100 of assessed valuation • This rate produces $136.9 million in property tax revenues for FY 2012-2013 • Overall Real Property Valuation increased 1.1% - One cent on property tax estimated to generate $1,574,232 Orange County Property Tax Revenues Past 5 Fiscal Years (chart) Sales Tax Revenues • Recommended Sales Tax Revenues of $15.7 million is 3% higher than the $15.3 million budgeted in FY 2011-2012 • Actual sales tax revenues are down over 30% since the peak of $22.5 million in fiscal year 2007-2008 Orange County General Fund FY 2012-13 Revenues (chart) Proposed Chapel Hill-Carrboro City Schools District Tax Rate Effective July 1, 2012 • Recommended tax rate of 18.84 cents per $100 of assessed valuation ✓ Represents no increase in the property tax rate for the District • Recommended tax rate will generate $19.1 million for the Chapel Hill — Carrboro School District ✓ This represents an additional $1,577 per pupil above the County's allocation • One cent on district tax is estimated to generate $1,013,877 Recommended Funding for Chapel Hill - Carrboro City and Orange County Schools • Total General Fund appropriation totals $84.2 million • Funds day-to-day operations, repayment of school related debt, and capital • Equals an appropriation of 47.16 percent of total General Fund Budget • Reflects $101,278 net increase from current year General Fund appropriation due to a decrease in debt service and passing the debt service savings on to the school districts • Equates to $3,102 per student for each of the 19,700 students in both districts for day-to-day operating funds Additional Funding for Local Schools