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<br />However, it should be noted, school related debt service expenditures increased $1.3 million to $16.6
<br />million for FY2013 -14 due to the issuance of debt to fund the construction of Elementary #11 for the
<br />Chapel Hill - Carrboro City School District. This $1.3 million represents 54% of the increase appropriation
<br />provided this year. As debt service for school related projects increase, debt service for these projects
<br />will become a larger component of the 48.1 % target funding formula.
<br />Historical Mandated Education Funding Provided to Local School Districts over the Past Six Years:
<br />FY
<br />Current
<br />Expense
<br />Recurring
<br />Capital
<br />Long Range
<br />Capital
<br />Fair
<br />Funding
<br />Debt
<br />Service
<br />Mandated
<br />Total
<br />2009
<br />$
<br />60,582,479
<br />$
<br />2,750,635
<br />$
<br />7,818,826
<br />$
<br />988,000
<br />$
<br />18,488,022
<br />$
<br />90,627,962
<br />2010
<br />$
<br />58,508,208
<br />$
<br />3,000,000
<br />$
<br />4,311,827
<br />$
<br />988,000
<br />$
<br />19,570,005
<br />$
<br />86,378,040
<br />2011
<br />$
<br />59,371,992
<br />$
<br />3,000,000
<br />$
<br />5,159,091
<br />$
<br />988,000
<br />$
<br />18,616,833
<br />$
<br />87,135,916
<br />2012
<br />$
<br />59,375,382
<br />$
<br />3,000,000
<br />$
<br />2,628,969
<br />$
<br />988,000
<br />$
<br />18,182,682
<br />$
<br />84,175,033
<br />2013
<br />$
<br />62,389,900
<br />$
<br />3,000,000
<br />$
<br />3,724,849
<br />$
<br />988,000
<br />$
<br />15,352,784
<br />$
<br />85,455,533
<br />2014
<br />$
<br />63,466,704
<br />$
<br />3,000,000
<br />$
<br />3,724,849
<br />$
<br />988,000
<br />$
<br />16,632,550
<br />$
<br />87,812,103
<br />If the Board of County Commissioners agree to increase the property tax rate to generate additional
<br />revenues to address the current expense request of both school districts, increases in the property tax
<br />rate outlined below will produce the following property tax revenues:
<br />Property Tax Per Pupil
<br />Tax Increase Revenues Generated Equivalency
<br />1 cent $1,606,869 $80.71
<br />2 cents $3,213,738 $161.43
<br />2.4 cents $3,856,486 $193.72
<br />4 cents $6,427,476 $322.86
<br />5.5 cents $8,837,780 $443.93
<br />*Based on 19,908 Students
<br />Additionally, the Chapel Hill- Carrboro City School District has requested the Board of County
<br />Commissioners consider an increase in the special district property tax rate to fund their budget request.
<br />If approved, the revenues generated by an increase in the special district tax would be as follows:
<br />Property Tax Per Pupil
<br />Tax Increase Revenues Generated Equivalency
<br />1 cent $1,029,085 $84.06
<br />2 cents $2,058,170 $168.12
<br />5.5 cents $5,659,968 $462.34
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