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2 <br /> 1 Commissioner Dorosin arrived at 7:13 pm. <br /> 2 <br /> 3 Clarence Grier presented the following Power Point slides: <br /> 4 <br /> 5 County Manager's Recommended FY 2013-14 Annual Operating Budget and Capital <br /> 6 Investment Plan <br /> 7 <br /> 8 Guiding Principles <br /> 9 Balances County's operating budget without a property tax rate increase — 5th <br /> 10 Consecutive Year <br /> 11 Provides funding for County services at current levels <br /> 12 Funds local school districts enrollment growth, operational funding and debt <br /> 13 service. <br /> 14 <br /> 15 Recommended General Fund Budget <br /> 16 Totals $185.9 million <br /> 17 Represents an increase of$5.9 million from original current year budget of <br /> 18 $180.0 million, which is a 3.29 percent increase from previous year original <br /> 19 budget <br /> 20 Represents a $6.2 million decrease in the current year's amended budget <br /> 21 Components of General Fund Budget <br /> 22 <br /> 23 Orange County Budget <br /> 24 Past 6 Fiscal Years <br /> 25 Proposed Ad Valorem Tax Rate Effective July 1, 2013 <br /> 26 Proposed tax rate of 85.8 cents per $100 of assessed valuation <br /> 27 This rate produces $137.8 million in property tax revenues for FY 2013-2014 <br /> 28 Overall Real Property Valuation increased 2.7% <br /> 29 One cent on property tax estimated to generate $1,606,869 <br /> 30 <br /> 31 Orange County Property Tax Revenues <br /> 32 Past 6 Fiscal Years <br /> 33 Sales Tax Revenues <br /> 34 Recommended Sales Tax Revenues of$17.2 million is $1.5 million higher than the <br /> 35 $15.7 million budgeted in FY 2012-2013 due to an expected 2 to 3 increase in consumer <br /> 36 spending , and current year projections <br /> 37 Actual sales tax revenues are down over 31% since the peak of$22.5 million in fiscal <br /> 38 year 2007-2008 <br /> 39 <br /> 40 Orange County General Fund <br /> 41 FY 2013-14 Revenues <br /> 42 Proposed Chapel Hill-Carrboro City Schools District Tax Rate Effective July 1, 2013 <br /> 43 Recommended tax rate of 18.84 cents per $100 of assessed valuation <br /> 44 Represents no increase in the property tax rate for the District <br /> 45 Recommended tax rate will generate $19.4 million for the Chapel Hill —Carrboro <br /> 46 School District <br /> 47 This represents an additional $1,584 per pupil above the County's allocation <br /> 48 One cent on district tax is estimated to generate $1,029,085 <br /> 49 <br /> 50 Recommended Funding for Chapel Hill - Carrboro City and Orange County Schools <br /> 51 Total General Fund appropriation totals $87.8 million <br /> 52 Funds day-to-day operations, repayment of school related debt, and capital <br />