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K <br />in the local per pupil allocation for current expenses would increase the per pupil allocation to <br />$3,873. This funding level would represent an approximate increase in the current expense for <br />Chapel Hill - Carrboro City Schools of $3.5 million with an increase for both school districts of <br />$5.8 million, which would represent 3.54 cents on the current property tax rate. <br />During tonight's presentation, each system will share their FY2015 -16 operating and capital <br />budgets with the Board of County Commissioners. <br />FINANCIAL IMPACT: Preliminary FY2015 -16 revenue projections anticipate the County's <br />General Fund revenues will be approximately $196 million. Staff has assumed no receipt of <br />Public School Building Fund monies in this projection for the County's General Fund. (Note: NC <br />Education Lottery proceeds are revenues budgeted in individual school capital projects and not <br />considered General Fund Revenue.) <br />Based upon the County Commissioner's funding target of 48.1 %, the funding to the two school <br />systems would be approximately $94.3 million, based on the preliminary FY2015 -16 revenue <br />projections. <br />RECOMMENDATION(S): The Manager recommends that the Board discuss the issues noted <br />and provide direction to staff, as appropriate. <br />