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2 <br /> Revenues <br /> For Fiscal Year 2014 - 15, staff anticipates that property taxes (real and registered <br /> Motor vehicles to increase in value approximately 1.5 percent, which will generate <br /> approximately $2.6 million in additional property tax revenues for the upcoming <br /> budget year. This increase reflects the expected increase in the property <br /> collection rate (89% to 98%) for registered motor vehicles due the new property <br /> tax collection requirements and system implemented by the NC Department of <br /> Revenue. <br /> Staff also anticipates that all other General Fund revenues (Licenses and permits, <br /> Charges for services, Intergovernmental, Investment income and miscellaneous) <br /> will remain about the same without any significant increases or decreases in the <br /> projected revenues for FY 2014-15. <br /> Staff preliminarily anticipates needing to allocate approximately $5.9 million of <br /> unassigned fund balance to balance the General Fund budget without a property <br /> tax rate increase for the fifth consecutive year. <br /> Expenditures <br /> Staff anticipates that General Fund Expenditures for the FY 2014-15 Budget year <br /> to be $192 million. FY 2014-15 Budget drivers for expenditures include the <br /> following: <br /> Health Insurance Increase $ 350,000 <br /> Retirement contribution rate decrease $ (50,000) <br /> Expenses for Employees budgeted only partially <br /> through year $ 638,348 <br /> Compensation Adjustments $ 2,000,000 <br /> Education Adjustment for Projected Growth $ 817,250 <br /> Increase in pay as you capital $ 868,810 <br /> Net increase in debt service $ 601,083 <br /> This is a preliminary list of known budget drivers. As the FY2014-15 Budget is <br /> formulated, staff will develop a truer picture of the final recommended budget and <br /> provide an update in the later part of May 2014. <br /> Staff will provide any other information at the meeting, and the Board can discuss <br /> issues related to this item as necessary. <br /> Attachment 1-a — 201412015 Projected Budget Funding Issues <br /> Budget Goals Fiscal 2014/2015 (Rod Visser) <br /> Objective: That the Board identify those Budget Goals for Fiscal 2014-15 about <br /> which the Board has consensus. <br />