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2 <br /> 1 account, including: a future $100 million bond referendum; a revaluation of real property in <br /> 2 2017; and $300 million in school needs. <br /> 3 Michael Talbert said the budget does address core services and keeps them intact. He <br /> 4 said County employees are also supported with a cost of living increase and a 401-k match <br /> 5 increase. <br /> 6 Clarence Grier reviewed the following PowerPoint slides: <br /> 7 County Manager's Recommended FY 2014-15 Annual Operating Budget and Capital <br /> 8 Investment Plan <br /> 9 Presentation <br /> 10 Southern Human Services Center, Chapel Hill <br /> 11 Orange County, NC <br /> 12 May 20, 2014 <br /> 13 <br /> 14 Guiding Principles <br /> 15 • Balances County's operating budget without a property tax rate increase—6th <br /> 16 Consecutive Year <br /> 17 • Provides funding for County services at current levels <br /> 18 • Funds local school districts enrollment growth, operational funding and debt service. <br /> 19 <br /> 20 Recommended General Fund Budget <br /> 21 • Totals $195.6 million <br /> 22 • Represents an increase of$7.9 million from original current year budget of <br /> 23 $187.7 million, which is a 4.21 percent increase from previous year original <br /> 24 budget <br /> 25 • Represents a $2.1 million decrease in the current year's amended budget <br /> 26 • Components of General Fund Budget <br /> 27 <br /> 28 Tax Savings Generated By the Use of Fund Balance <br /> 29 Orange County Projected Cash flows for FY2014-15 <br /> 30 Orange County Budget <br /> 31 Past 6 Fiscal Years <br /> 32 <br /> 33 Proposed Ad Valorem Tax Rate Effective July 1, 2014 <br /> 34 • Proposed tax rate of 85.8 cents per $100 of assessed valuation <br /> 35 • This rate produces $140.6 million in property tax revenues for FY 2014 - 15 <br /> 36 • Overall Real Property Valuation increased 1.9% <br /> 37 • One cent on property tax estimated to generate $1,638,241 <br /> 38 <br /> 39 Orange County Property Tax Revenues Past 6 Fiscal Years <br /> 40 <br /> 41 Sales Tax Revenues <br /> 42 • Recommended Sales Tax Revenues of$19.0 million is $1.8 million higher than the <br /> 43 $17.2 million budgeted in FY 2013-2014 due to increased in consumer spending , and <br /> 44 current year projections <br /> 45 • Actual sales tax revenues are down over 16% since the peak of$22.5 million in fiscal <br /> 46 year 2007-2008 <br /> 47 <br /> 48 Orange County General Fund <br /> 49 FY 2014-15 Revenues <br /> 50 <br /> 51 Proposed Chapel Hill-Carrboro City Schools District Tax Rate Effective July 1, 2014 <br /> 52 • Recommended tax rate of 20.84 cents per $100 of assessed valuation <br />