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Michael Talbert said the budget does address core services and keeps them intact. He <br /> said County employees are also supported with a cost of living increase and a 401-k match <br /> increase. <br /> Clarence Grier reviewed the following PowerPoint slides: <br /> County Manager's Recommended FY 2014-15 Annual Operating Budget and Capital <br /> Investment Plan <br /> Presentation <br /> Southern Human Services Center, Chapel Hill <br /> Orange County, NC <br /> May 20, 2014 <br /> Guiding Principles <br /> • Balances County's operating budget without a property tax rate increase —6th <br /> Consecutive Year <br /> • Provides funding for County services at current levels <br /> • Funds local school districts enrollment growth, operational funding and debt service. <br /> Recommended General Fund Budget <br /> • Totals $195.6 million <br /> • Represents an increase of$7.9 million from original current year budget of <br /> $187.7 million, which is a 4.21 percent increase from previous year original <br /> budget <br /> • Represents a $2.1 million decrease in the current year's amended budget <br /> • Components of General Fund Budget <br /> Tax Savings Generated By the Use of Fund Balance <br /> Orange County Projected Cash flows for FY2014-15 <br /> Orange County Budget <br /> Past 6 Fiscal Years <br /> Proposed Ad Valorem Tax Rate Effective July 1, 2014 <br /> • Proposed tax rate of 85.8 cents per$100 of assessed valuation <br /> • This rate produces $140.6 million in property tax revenues for FY 2014 - 15 <br /> • Overall Real Property Valuation increased 1.9% <br /> • One cent on property tax estimated to generate $1,638,241 <br /> Orange County Property Tax Revenues Past 6 Fiscal Years <br /> Sales Tax Revenues <br /> • Recommended Sales Tax Revenues of$19.0 million is $1.8 million higher than the <br /> $17.2 million budgeted in FY 2013-2014 due to increased in consumer spending , and <br /> current year projections <br /> • Actual sales tax revenues are down over 16% since the peak of$22.5 million in fiscal <br /> year 2007-2008 <br /> Orange County General Fund <br /> FY 2014-15 Revenues <br /> Proposed Chapel Hill-Carrboro City Schools District Tax Rate Effective July 1, 2014 <br /> • Recommended tax rate of 20.84 cents per$100 of assessed valuation <br /> • Represents no increase in the property tax rate for the District <br /> • Recommended tax rate will generate $21.8 million for the Chapel Hill — Carrboro <br /> City School District <br /> • This represents an additional $1,764 per pupil above the County's allocation <br /> • One cent on district tax is estimated to generate $1,044,521 <br />