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3 <br /> 1 • $112,146,742x 1%= $1,121,467 <br /> 2 ➢ Previous Year's Allocation as Base <br /> 3 • FY 2016-17= $1,176,763+Growth Rate <br /> 4 ➢ Incremental Unit of Tax Rate <br /> 5 • 1 Cent on $16,773,580,000 Tax Base = $1,677,358 <br /> 6 ➢ Ten Dollars Per Capita <br /> 7 • $10 x 141,354 (2015 Population)= $1,413,540 <br /> 8 ➢ Fixed Dollar Amount <br /> 9 • Subjective <br /> 10 <br /> 11 Commissioner Pelissier asked if the growth rate is in the budget, or in the revenues <br /> 12 received. <br /> 13 Gary Donaldson said both of these would be good indexes to use. He said the growth <br /> 14 revenue rate from last year to this would be about 2-3%. <br /> 15 Bonnie Hammersley said historically there has been about a 3% growth rate in <br /> 16 revenues. She said there are other growth rate options, as well. <br /> 17 Bob Jessup, Bond Counsel, resumed the presentation: <br /> 18 <br /> 19 Potential Capital Funding Options <br /> 20 ➢ Construct Building, and Lease Long-Term <br /> 21 ➢ Make Restricted Capital Grant <br /> 22 ➢ Make Multi-Year Grant for Lease or Loan Payments <br /> 23 ➢ Fund a Loan-Loss Reserve to back Loans to Outside Agencies <br /> 24 <br /> 25 Fiscal Policy Consideration <br /> 26 ➢ Draft Fiscal Policy: <br /> 27 • The County may allocate an amount of public funds up to one percent(1%) of the total <br /> 28 County General Fund Budget Appropriation Less the Education Appropriation for the <br /> 29 purposes of funding outside agencies that benefit the community. <br /> 30 • Outside agencies must provide the requisite financial, organization and project <br /> 31 information to be eligible for funding. Funds shall be appropriated for public purposes. <br /> 32 • Requests for funding will only be accepted during the County's annual budget <br /> 33 preparation process. All complete applications will be presented to the Board of County <br /> 34 Commissioners for funding consideration and adoption in June of each fiscal year. <br /> 35 <br /> 36 Bob Jessup provided the memo below, and how some of the ideas could work. <br /> 37 <br /> 38 Memo below from Bond Counsel, Bob Jessup: <br /> 39 Orange County—capital funding for outside agencies <br /> 40 There are a variety of ways in which the County could provide capital funding for outside <br /> 41 agencies if it decided to do so. In each case, the legal basis for our approach represents a <br /> 42 combination of the statute that allows the County to contract with private entities to carry out <br /> 43 work that the County could carry out itself(Section 153A-449), and the statute that allows the <br /> 44 county to enter multi-year continuing contracts for services (Section 153A-13). In many ways, <br /> 45 these approaches mirror approaches used for affordable housing programs in which the units <br /> 46 will be privately owned. <br /> 47 <br /> 48 Build a building, lease it out long-term <br /> 49 The County would build a building for use by the agency. The County would continue to <br /> 50 own the building. The County could either pay cash for the building or undertake an installment <br /> 51 financing for the building (whether the financing would qualify for tax-exempt financing or would <br />