Agenda - 09-04-2014 - 6a - Laserfiche WebLink

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4 1 May 20, 2014 2 3 Guiding Principles 4 • Balances County's operating budget without a property tax rate increase —6th 5 Consecutive Year 6 • Provides funding for County services at current levels 7 • Funds local school districts enrollment growth, operational funding and debt 8 service. 9 10 Recommended General Fund Budget 11 • Totals $195.6 million 12 • Represents an increase of$7.9 million from original current year budget of 13 $187.7 million, which is a 4.21 percent increase from previous year original 14 budget 15 • Represents a $2.1 million decrease in the current year's amended budget 16 17 Components of General Fund Budget 18 General Fund Revenues $ 187,131,286 19 General Fund Unassigned Fund Balance $ 8,507,219 20 General Fund Expenditures $ (195,638,505) 21 Net $22 23 Tax Savings Generated By the Use of Fund Balance 24 Fiscal Year Fund Balance Utilized Property Tax Rate Effect 25 2009-2101 $0 0 26 2010-2011 $401,673 .26 27 2011-2012 $1,131,417 .74 28 2012-2013 $2,187,872 1.39 29 2013-2014 $8,507,219 5.19 30 - The cumulative tax effect of utilizing fund balance to balance the budget totals 10.81 31 cents. 32 33 Orange County Projected Cash flows for FY2014-15 (spreadsheet) 34 35 Orange County Budget Past 6 Fiscal Years (bar graph) 36 37 Proposed Ad Valorem Tax Rate Effective July 1, 2014 38 • Proposed tax rate of 85.8 cents per $100 of assessed valuation 39 • This rate produces $140.6 million in property tax revenues for FY 2014 - 40 15 41 • Overall Real Property Valuation increased 1.9% 42 • One cent on property tax estimated to generate $1,638,241 43 44 Orange County Property Tax Revenues Past 6 Fiscal Years (bar graph) 45 46 Sales Tax Revenues 47 • Recommended Sales Tax Revenues of$19.0 million is $1.8 million higher than 48 the $17.2 million budgeted in FY 2013-2014 due to increase in consumer 49 spending , and current year projections