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• Policy allows for Board to allocate 4 cents to School (3 cents) and County (1 <br /> cent) recurring capital projects <br /> • Due to financial constraints in past, Board has only been able to allocate 2 <br /> cents to School projects and no monies to County projects <br /> — Dedicate new monies from Local Revenue Options above equivalent of 2 cents on <br /> tax rate to new debt service <br /> • Would offset anticipated increases in future tax rate and annual operating <br /> budget to cover new debt costs <br /> — County would rely on excess over 2 cents to pay for growth <br /> Possible Uses of <br /> Local Revenue Options <br /> • Option 2 <br /> — Fully fund County Capital Funding Policy <br /> • Policy allows for Board to allocate 4 cents to School (3 cents) and County (1 <br /> cent) recurring capital projects <br /> • Due to financial constraints in past, Board has only been able to allocate 2 <br /> cents to School projects and no monies to County projects <br /> — Dedicate new monies from Local Revenue Options above equivalent of 2 cents on <br /> tax rate to offset annual operating costs associated with opening new School and <br /> County projects <br /> — County would rely on excess over 2 cents to pay annual recurring expenses <br /> Possible Uses of <br /> Local Revenue Options <br /> • Option 3 <br /> — Dedicate new monies from Local Revenue Options to offset repayment of annual <br /> debt service associated School and County projects <br /> • Debt service currently paid from dedicated property and sales tax <br /> — Redirect freed up monies to annual operating budget to offset future increases <br /> — County would use freed up monies to mitigate future tax rate increases <br /> Capital Revenue <br /> Fully Funding Capital Funding Policy <br /> Fiscal Year 2009-10 Revenue Projections Used for Illustrative Purposes (graph) <br /> Impact of New Revenue Options for Funding Identified Unfunded Needs <br /> Reference: Goldenrod Colored Handout <br /> • Orange County <br /> • Chapel Hill Carrboro City Schools <br />