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14 <br /> <br />• State Mandates $3,057,231 <br />• Expansion Requests 3,150,256 <br />TOTAL $6,207,487 <br /> <br />PROJECTED REVENUES COMPARED TO GRAND TOTAL OF REQUESTED <br />EXPENDITURES <br />• Revenue Increase $ 952,460 <br />• Less: Grand total of request $6,207,487 <br />• Budget Shortfall ($5,255,027) <br /> <br /> <br />Ad Valorem Tax Increase Required to Fund Budget Shortfall <br />Using Current Year Valuation: <br />County Ad Valorem Tax Increase <br />$5,255,027/$1,069,015 = 4.91 cents <br />$438 per pupil increase <br /> <br />Local Fund Balance Projection <br />• Assign $1,000,000 in Fund Balance for 2018-2019 <br />• Estimated year-end unassigned fund balance for June 30, 2018 is $6.9 million or 9% <br />• The projected 5.5% target is $4 million <br />• $2.9 million above the target <br /> <br />Key Dates on the Budget Development Calendar <br />• March 1 Superintendent presents recommended budget <br />• March 15 Budget work session and public hearing <br />• April 5 Board approves budget to be submitted to the County <br />• April 24 Joint meeting of school board’s for budget presentations to County <br /> <br />The Main Priority is the students <br /> <br />Chair Dorosin referred to a spreadsheet in the Commissioners’ packet, specifically <br />page three, and asked if this could be reviewed. <br />Todd LoFrese reviewed the following information: <br /> <br /> <br />CHAPEL HILL CARRBORO CITY SCHOOLS <br />BUDGET UPDATE <br />2018‐19 SCHOOL YEAR <br /> <br />FY18 FY19 DIFFERENCE <br /> <br /> <br />PROJECTED ENROLLMENT 12,239 12,348 109 <br />CHARTER SCHOOL Funded 162 162 ‐ <br />Less: Out‐of‐District Estimate (241) (242) (1) <br />TOTAL STUDENT BILLING BASE 12,160 12,268 108 <br /> __________ _________ ________