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ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: October 13, 2015 <br /> Action Agenda <br /> Item No. 1 <br /> SUBJECT: Report on Article 46 Funds (On,e-Quarter Cent Sales Tax) to Support Education <br /> and Economic Development Programs in Orange County <br /> DEPARTMENT: Economic Development, PUBLIC HEARING: (Y/N) No <br /> Finance, & Administrative, <br /> Planning & Inspections <br /> ATTACHMENT(S): INFORMATION CONTACT: <br /> (A) June 21, 2011 Resolution Regarding Paul Naughton, (91 9) 245-2152, <br /> Uses of Potential Revenues from a Acting Chief Financial Officer <br /> One-Quarter (14) Cent County Sales Steve Brantley, g1'g 245-2326, <br /> & Use Tax Director, Economic Development <br /> (B) Article 46 Sales Tax Budgeted and Craig Benedict, (919) 245-2592, <br /> Use (Since Inception on April 1, Director, Planning & Inspections <br /> 201 2) <br /> (C) Article 46 PowerPoint Presentation <br /> PURPOSE: To, receive a report on Orange County's education and economic <br /> development programs paid from "Article 46" proceeds. <br /> BACKGROUND: Orange County voters approved a referendum in November 2011 to <br /> levy a supplemental one-quarter (1/4) cent sales tax that generates approximately $2.5 <br /> million in additional annual funding for education and economic development purposes. <br /> Called "Article 46" funds, the program collects and shares these funds between education <br /> and economic development, with each receiving half, or $1.25 million annually. The 50/50 <br /> share of Article 46 funds for economic development is initially set for 10 years. (See <br /> Attachment A June 21, 2011 Adopted Resolution.) The Orange County Board of <br /> Commissioners adopted a Resolution in December 2011 authorizing the new one-quarter <br /> cent sales tax, and actual proceeds began to accrue April 1, 2012. <br /> Attachment A reflects a summary of the Article 46 Sales Tax Budgeted and Use amounts, <br /> since its inception on April 1, 2012. The attachment includes a summary table for both <br /> education and economic, development, and is followed by detailed information related to <br /> economic development. The summary tables also include Actual Article 46 Collections <br /> information since inception, which reflect collections exceeding prior years' budgets. <br /> The following summary table and pie chart identify, 7 core programs where Article 46 <br /> funds are used for economic development throughout Orange County for an initial 10 year <br /> period, as specified in the BOCC Resolution. Based on an average of $1.25 million in <br />