Agenda - 09-16-2014 - 6a - Laserfiche WebLink

Browse Search

IN I Commissioner Dorosin said historically the County has used its small business loan fund 2 too conservatively, and he hopes this is being perfected. 3 Commissioner Price said she had highlighted this issue as well. She asked if this will be 4 a report or a presentation. 5 Michael Talbert said this will be a presentation. 6 7 Special Revenue Projects (Article 46 Sales Tax Proceeds) 8 Paul Laughton directed the Board to the Special Revenues section of the CIP binder on 9 page 61. 10 Special Revenue Projects (Article 46 Sales Tax Proceeds) — Highlights 11 The Special Revenue section includes anticipated revenue from the Article 46 (1/4 cent) Sales 12 Tax, with 50% of the proceeds for Economic Development initiatives and 50% for Education 13 (allocated by the ADM count of the two school districts). In FY 2013 -14, proceeds are estimated 14 at $2,732,000, with 1.5% growth assumed in subsequent years. A summary is provided within 15 the Special Revenue Projects section of the document listing the recommended uses of these 16 proceeds. 17 18 Economic development 19 Paul Laughton referred to attachment A, page 11 and said there are 8 initiatives listed in 20 the Economic Development category, with the first being debt service. He said these projects 21 total $1.38 million. 22 23 He said the other 50 percent goes to schools. 24 Chapel Hill Carrboro City Schools 25 He said Chapel Hill Carrboro has been using 50 percent of their funds for technology 26 and next year they will use 50 percent of the proceeds for facility improvements at older 27 schools. He said this will total $852,000 28 29 Orange County Schools 30 Paul Laughton said Orange County schools have always used this for technology in 31 their 1:1 Initiative, and the amount is $533,000 32 33 He said the estimated total for Special Revenue Projects in 2014 -15 is $2.77 million. 34 35 Chair Jacobs asked how much this has grown since last year. 36 Paul Laughton said he does not have a breakdown by year, but as of today, $4.7 million 37 has been collected in total for the Article 46 Sales Tax. He said this has been split to allocate 38 $2.36 million to Economic Development and $2.36 million to schools. 39 Commissioner Pelissier asked when the current debt service for infrastructure will be 40 paid off. 41 Paul Laughton said for utilities this goes out for 20 years, and this information is on page 42 110. 43 Clarence Grier said the financing structure for the Buckhorn EDD is only for 15 years. 44 He said this debt was issued on July 1. 45 Paul Laughton said 60 percent of what Economic Development gets is earmarked for 46 debt service. 47 Chair Jacobs asked how much of the 60 percent is encumbered. 48 Paul Laughton said to date $340,000 has been spent for this years' program for debt 49 service. He said right now $290,000 has been spent for the 25 percent. 50