Minutes 05-30-2013 - Laserfiche WebLink

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County Manager's Recommended FY 2013-14 Annual Operating Budget and Capital Investment Plan Guiding Principles • Balances County's operating budget without a property tax rate increase — 5th Consecutive Year • Provides funding for County services at current levels • Funds local school districts enrollment growth, operational funding and debt service. Recommended General Fund Budget • Totals $185.9 million • Represents an increase of$5.9 million from original current year budget of $180.0 million, which is a 3.29 percent increase from previous year original budget • Represents a $6.2 million decrease in the current year's amended budget • Components of General Fund Budget Orange County Budget Past 6 Fiscal Years • Proposed Ad Valorem Tax Rate Effective July 1, 2013 • Proposed tax rate of 85.8 cents per$100 of assessed valuation • This rate produces $137.8 million in property tax revenues for FY 2013-2014 • Overall Real Property Valuation increased 2.7% • One cent on property tax estimated to generate $1,606,869 Orange County Property Tax Revenues Past 6 Fiscal Years Sales Tax Revenues • Recommended Sales Tax Revenues of$17.2 million is $1.5 million higher than the $15.7 million budgeted in FY 2012-2013 due to an expected 2 to 3 increase in consumer spending , and current year projections • Actual sales tax revenues are down over 31% since the peak of$22.5 million in fiscal year 2007-2008 Orange County General Fund FY 2013-14 Revenues • Proposed Chapel Hill-Carrboro City Schools District Tax Rate Effective July 1, 2013 • Recommended tax rate of 18.84 cents per$100 of assessed valuation • Represents no increase in the property tax rate for the District • Recommended tax rate will generate $19.4 million for the Chapel Hill — Carrboro School District • This represents an additional $1,584 per pupil above the County's allocation • One cent on district tax is estimated to generate $1,029,085 Recommended Funding for Chapel Hill - Carrboro City and Orange County Schools • Total General Fund appropriation totals $87.8 million • Funds day-to-day operations, repayment of school related debt, and capital • Equals an appropriation of 48.1 percent of total General Fund Revenues • Reflects $2.4 million increase from current year General Fund appropriation • Equates to a current expense allocation of$3,188 per student for each of the 19,908 students in both districts for day-to-day operating funds and projected enrollment growth. County Education Funding