Agenda - 09-19-2007-6h - Laserfiche WebLink

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4 Local Revenue Options Community Advisory Group Completed no later than Meetings ~ January 11, 2008 Report from Local Revenue Options Community January 29, 2008 Advisory Group to BOCC BOCC Decision Point -Final decisions Use of new revenues . No later than February 19, Which tax(es) to include on the ballot 2008 Next steps -Public Education Initiative Notify Orange County Board of Elections of Board's No later than February 29, Intent to Seek Voter Approval of [_ocal Revenue 2008 Option(s) on May 6, 2008 Public Education Initiative (examples might include informational brochures mailed to voters and February, March, April 2008 distributed at major community functions and newspaper articles by community leaders) Primary Election May 6, 2008 It is likely that staff will have additional information to share with the Board and public following a seminar sponsored by the NC Association of County Commissioners scheduled for September 19, 2007. FINANCIAL IMPACT: Should the Board receive voter approval of the new local revenue options on May 6, 2008, Orange County would not receive any proceeds in the current 2007-08 fiscal year from enacting the new funding sources. 1/4 Cent Sales Tax o October 1, 2008 is the earliest date that the sales tax would become effective if Commissioners levied the sales tax via resolution following a May 2008 referendum. o The State would distribute the new'/4-cent sales tax to counties based on point of delivery and not on a per capita basis. o As authorized, the new sales tax would not apply to food purchases. o There are no legislative requirements for counties to share the newly authorized'/4-cent sales tax with local municipalities. o Based on information received from the NC Association of County Commissioners; Orange County can expect $3,031,453 annually from the '/-cent sales tax -the equivalent of about 2.4 cents in current ad valorem property tax.