Minutes - 20070531 - Laserfiche WebLink

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• Increase of $8.7 million over original fiscal year 2006-07 budget of $163.5 million Recommended Tax Rates • Countywide ad valorem tax rate of 94 cents per $100 of assessed valuation - Increase of 3.7 cents over the 2006-07 rate of 90.3 cents • Impact on taxpayer with $200,000 in valued property is $74 per year - One cent on property tax rate generates $1,247,881 Maintains Chapel Hill Carrboro Special District tax rate at 18.85 cents per $100 of assessed valuation - One cent on property tax rate generates $802,246 General Fund Revenues -pie chart Education Funding Overview • Overall Education support totals $82.5 million -Includes funding far local school systems and Orange County Satellite Campus -Durham Technical Community College Education Funding Current Expense • Provides funding for 18,530 elementary, middle and high students - Increase of 338 students from previous school year - Recommended budget maintains per pupil appropriation for CHCCS and OCS at $2,957 • Total current expense funding equals $55 million - Chapel Hill-Carrboro Schools - $33.7 million - Orange County Schools - $21.1 million - Durham Technical Community College - $181,000 • CHCCS to receive additional $15,122,338 from district tax - Equivalent of $1,329 per pupil • Provides 4 months operational funding for community college satellite campus Per Pupil Allocations to Local Schools State Mandated Funding Formula -table Additional Education Funding • Recurring Capital - $2.4 million • Long-Range Capital - $4.1 million • Debt Service for School Facilities - $18.9 million • School Health Nurses - $566,744 • School Social Workers - $557,272 • Fair Funding for School Health and Public Safety Expenses - $800,000 Cost of Fully Funding Local School Requests • To fully fund Orange County Schools budget request increase of $3.7 million - Per pupil equivalent of $3,413 - a per pupil increase of $456 - Equates to $5.7 million increase for Chapel Hill Carrboro City Schools