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Board of Commissioners' Planning Retreat <br /> December 10, 1994 <br /> Budget Outlook <br /> Current Year (1994-95) <br /> 11 Overall revenues are projected to come in at or slightly above <br /> budgeted amounts <br /> in Expenditures are within the budgeted amounts <br /> 0 The intangibles tax will almost certainly be eliminated by the 1995 <br /> General Assembly. The impact of such action on the 1994-95 budget <br /> is unclear, in that we cannot be sure what type of replacement <br /> revenue might be provided by the legislature. We do not believe that <br /> this likely change will adversely impact the County's financial <br /> position. The County's 1994-95 budget for intangibles tax proceeds <br /> is $2.4 million, which represents about 3.5% of our budgeted <br /> revenue. At this time, the Association of County Commissioners <br /> believes there is a good chance that replacement revenue will be <br /> provided (possibly from inheritance tax proceeds) in a way that <br /> would hold Orange County harmless from loss of intangibles <br /> revenue. Staff will monitor this revenue situation closely. <br /> Next Fiscal Year (1995-96) <br /> 0 Debt Service for existing issued debt will peak in 1995-96. The last <br /> bond sale in June 1994 sold the remaining $30 million of the $52 <br /> million authorized by the voters in 1992. Because of the timing of <br /> this bond sale, the County incurred only one interest payment on <br /> this additional debt during Fiscal Year 1994-95. During 1995-96, <br /> there will be two interest payments and one principal payment. This <br /> will result in a net increase in total debt service (County and <br /> Schools) of $1.8 million, bringing total debt service payments to <br /> $8,229,695. Bond education materials in 1992 informed voters that <br />