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budget. For FY 2013 -14, we remain conservative in budgeting revenues until the State budget is <br />finalized. Estimated intergovernmental revenues are expected to be $13.7 million. <br />Article 46'/4 Cent Sales Tax —The Article 46'/4 Cent Sales Tax continues to provide funding for school <br />capital projects and economic development initiatives. We expect this sales tax will provide an <br />additional $2.7 million annually in revenues that will go to fund. We have budgeted these revenues and <br />related expenses in a separate special revenue fund outside the General Fund. <br />FY 2013 -14 General Fund Revenues <br />0%2%2% <br />Funding Highlights <br />■ Property Taxes <br />■ Sales Taxes <br />m Intergovernmental <br />■ Licenses and Permits <br />■ Investment Earnings <br />F-- Other <br />Appropriated Fund balance <br />Funding for Local School Districts -The recommended appropriations to Chapel Hill - Carrboro City <br />and Orange County Schools increases the ADM level. The recommended funding level represents a <br />total appropriation to both school districts of $87.8 million, which is 48.1% of General Fund revenues. <br />This represents a $2.4 million increase in the actual appropriation from the FY 2012 -13. However, <br />as stated in last year's message, school related debt service expenditures increased $1.3 million to <br />$16.6 million for FY2013 -14 due to the issuance of debt to fund the construction of Elementary #11 for <br />the Chapel Hill - Carrboro City School District. This $1.3 million represents 54% of the increase <br />appropriation provided this year. <br />As debt is issued for school related capital projects and debt service expenditures increase, without <br />additional revenues to offset any potential increase, expenditures related to debt service will become a <br />larger component of the 48.1% funding target formula for education. Any increase in debt service <br />expenditures related to school capital projects will reduce funding provided in future years for the other <br />components of the funding formula (current expense, recurring and long -range capital and fair funding). <br />C! <br />