Agenda - 01-22-2015 - 6a - Laserfiche WebLink

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il 1 Steve Brantley said there are two other programs that have not been tapped at all - 2 Business Investment Grants, designated to receive 8 percent of the annual expenditures; and 3 the Agricultural Investment Grant, designated to receive 5 percent of these funds. He said the 4 funds for these have accrued, but there has been no protocol for how to administer these 5 grants. He said, through this year, the economic development advisory board has worked on 6 developing these guidelines, policies and procedures, and the goal is to present this to the 7 Board in December for review. 8 Steve Brantley said the final category is Marketing and Collaborative Outreach 9 Advertising, Publishing & Collateral Materials, which is a combined 3 percent of annual 10 expenditures. 11 12 13 14 15 16 17 18 Clarence Grier reviewed the following revenue and expense information, as gathered since the inception of this tax: Article 46 Sales Tax Collection - October 2014 Report Orange County, NC Revenues Sales Tax Month/Year Month Distributed Amount 19 Total FY 2011 -12 $ 709,663 20 Total FY 2012 -13 $ 2,732,718 21 Total FY 2013 -14 $ 2,859,675 22 July 2014 October 2014 257,744 23 Total FY 2014 -15 $ 257,744 24 Grand Total - Revenues: $ 6,559,800 25 26 Expenses 27 Fiscal Month/Year Department of Economic Chapel Hill - Carrboro Orange County 28 Development City Schools Schools 29 Total FY 2011 -12 $ 20,000 - - 30 Total FY 2012 -13 $ 78,730 $ 51,242 $ 490,000 31 Total FY 2013 -14 $ 1,126,944 $ 1,023,273 $ 513,055 32 July 2014 1,500 - - 33 August 2014 446 181,245 - 34 September 2014 426,480 12,767 - 35 October 2014 23,876 279,092 - 36 Total FY 2014 -15 $ 452,302 $ 473,104 $ - 37 38 Grand Total - Expenses: $ 4,228,650 39 40 Clarence Grier said Chapel Hill Carrboro City Schools have spent about $1.3 million; 41 Orange County Schools have spent about $1 million; and Economic Development initiatives 42 have totaled $1.65 million. He said half of the revenues are allocated to education ($3.3 43 million), which leaves $3.3 million for economic development initiatives. 44 He said the expenditures, as of October 31, 2014 are $1.7 million, and total committed 45 funds and expenditures are $2.4 million. He said there is $890,000 in available funds as of 46 today. 47 Chair Jacobs recognized state representative Graig Meyer. He also noted the 48 information at the Commissioners' places. 49 Commissioner Rich noted that this meeting and all meetings are being televised.