Agenda - 05-08-2008- - Laserfiche WebLink

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ORANGE COUNTY BOARD OF COMMISSIONERS ACTION AGENDA ITEM ABSTRACT Meeting Date: May 8, 2008 Action Agenda Item No. SUBJECT: Discussion of Fiscal Year 2008-09 Annual Operating Budget DEPARTMENT: County Manager PUBLIC HEARING: (Y/N) No Financial Services ATTACHMENT(S): INFORMATION CONTACT: Laura Blackmon, (919) 245-2300 Attachment 1. Preliminary Outlook of Fiscal Donna Coffey, (919) 245-2151 Year 2008-09 Budget Drivers Attachment 2. Per Pupil Appropriations (General Fund) Historical Comparison Attachment 3. Departmental Requests for New Staff and/or Changes to Existing Staff PURPOSE: To give the Board an opportunity to review and discuss preliminary major funding components of the upcoming 2008-09 fiscal year budget. BACKGROUND: This work session is designed to meet the County Manager's commitment to the Board to preview major budget drivers anticipated to influence the upcoming fiscal year's budget prior to the Recommended Budget being released on May 20, 2008. ~- Real Property Valuation and Property Tax Revenues Just over sixty-nine percent of the County's General Fund revenue comes from property taxes. Preliminary projections anticipate the County's real property valuation to be $ 11.407 billion for the upcoming fiscal year. After allowing for the $45.8 million valuation reduction related to Homestead Exemption properties, staff anticipates the net real property taxable valuation for the upcoming fiscal year to be $11.361 billion. This reflects a $260 million increase, or 2.3 percent increase, over the current fiscal year budgeted taxable valuation. Staff projects one cent on the tax rate in the upcoming fiscal year to generate $1,274,655 compared to $1,247,907 generated in the current fiscal year or a 2.1 percent increase. There is a gap between this percentage increase and the overall