Minutes 05-20-2014 - Laserfiche WebLink

Browse Search

Presentation Southern Human Services Center, Chapel Hill Orange County, NC May 20, 2014 Guiding Principles • Balances County's operating budget without a property tax rate increase — 6th 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 $195.6 million • Represents an increase of$7.9 million from original current year budget of $187.7 million, which is a 4.21 percent increase from previous year original budget • Represents a $2.1 million decrease in the current year's amended budget Components of General Fund Budget General Fund Revenues ........................................ $ 187,131,286 General Fund Unassigned Fund Balance................... $ 8,507,219 General Fund Expenditures..................................... $ (195,638,505) Net.....................................................................$ - Tax Savings Generated By the Use of Fund Balance Fiscal Year Fund Balance Utilized Property Tax Rate Effect 2009-2101 $0 0 2010-2011 $401,673 .26 2011-2012 $1,131,417 .74 2012-2013 $2,187,872 1.39 2013-2014 $8,507,219 5.19 - The cumulative tax effect of utilizing fund balance to balance the budget totals 10.81 cents. Orange County Projected Cash flows for FY2014-15 (spreadsheet) Orange County Budget Past 6 Fiscal Years (bar graph) Proposed Ad Valorem Tax Rate Effective July 1, 2014 • Proposed tax rate of 85.8 cents per $100 of assessed valuation • This rate produces $140.6 million in property tax revenues for FY 2014 - 15 • Overall Real Property Valuation increased 1.9% • One cent on property tax estimated to generate $1,638,241 Orange County Property Tax Revenues Past 6 Fiscal Years (bar graph) Sales Tax Revenues