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1 <br /> ORANGE COUNTY <br /> BOARD OF COMMISSIONERS <br /> Action Agenda <br /> Item No JIE-Q <br /> ACTION AGENDA ITEM ABSTRACT <br /> Meeting Date: June 29, 1993 <br /> SUBJECT: Quadrennial Real Property Revaluation Budget <br /> DEPARTMENT Budget PUBLIC HEARING YES NO x <br /> ATTACHMENT(S) INFORMATION CONTACT <br /> Resolution Sally Kost, ext 2151 <br /> TELEPHONE NUMBER <br /> Hillsborough 732-8181 <br /> Chapel Hill 968-4501 <br /> Mebane 227-2031 <br /> Durham 688-7331 <br /> PURPOSE: To approve the establishment of a reserve fund budget for the <br /> next real property revaluation in Orange County. <br /> BACKGROUND: NCGS 153A-150 requires the Board of County Commissioners <br /> to establish a reserve fund and budget for the next real property <br /> revaluation at the beginning of the next fiscal year following a <br /> revaluation. The purpose of the reserve fund is to ensure that <br /> counties set aside funds each year during a revaluation cycle to ensure <br /> that sufficient funds are available to conduct the revaluation at <br /> the end of the cycle. The Board has approved a quadrennial revaluation <br /> cycle for Orange County, so the next revaluation is scheduled for <br /> January 1, 1997 . <br /> Since Orange County now conducts in-house real property revaluation, <br /> rather than contracting out to a consultant, the additional costs for <br /> the Assessor' s Office in a revaluation year are not extraordinarily <br /> high compared to the usual annual budget for the Assessor' s operations. <br /> Therefore, staff recommends that the Board approve a $60, 000 reserve <br /> fund budget for the 1997 revaluation. The first $15,000 annual <br /> appropriation for this fund has been included in the Manager' s <br /> Recommended 1993-94 Budget. <br /> RECOMMENDATION: The Manager recommends that the Board approve the <br /> attached resolution establishing the 1997 revaluation reserve fund and <br /> the budget plan for that fund. <br />