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3
<br /> SOCIAL JUSTICE IMPACT: There is no Orange County Social Justice Goal impact
<br /> associated with this item.
<br /> Article 46 Sales Tax Proceeds
<br /> 6. The Article 46 One-Quarter Cent Sales Tax was approved by Orange County voters in
<br /> the November 2011 election, and became effective April 1, 2012. A Special Revenue
<br /> Fund was established to receive and account for the One-Quarter Cent Sales Tax
<br /> proceeds. These proceeds are divided 50% to the County's two school systems and
<br /> 50% to Economic Development initiatives. The funds remain separate from the County's
<br /> General Fund to allow for more isolated and accurate tracking of revenues and
<br /> expenditures. The Board of County Commissioners approved a ten-year commitment to
<br /> allocate the proceeds on the basis of 50% to Education, based on Average Daily
<br /> Membership (ADM), and 50% to Economic Development initiatives. The Fund was last
<br /> reconciled on September 30, 2015 to account for additional collections received over
<br /> and above the approved budgeted amount.
<br /> Since that time, and through June 30, 2018, an additional $1,142,482 had been collected
<br /> over and above the approved budgeted amount. This budget amendment provides for
<br /> the receipt of the additional $1,142,482 in Article 46 Sales Tax collections, with 50%
<br /> ($571,241) for Education and 50% ($571,241) for Economic Development, and amends
<br /> the following Article 46 Sales Tax Fund: (Note: the 50% portion for Education will go
<br /> towards the Orange County Schools Technology Plan, and Chapel Hill-Carrboro City
<br /> Schools Technology Plan and Mechanical Systems, and the 50% portion for Economic
<br /> Development will be placed in its Incentives initiative). Note: In the future, staff will
<br /> provide a reconciliation of the Fund on an annual basis.
<br /> Article 46 Sales Tax Fund ($1,142,482)
<br /> Revenues for thisproject:
<br /> Current FY FY 2018-19 FY 2018-19
<br /> 2018-19 Amendment Revised
<br /> Article 46 Sales Tax Proceeds $22,288,338 $1,142,482 $23,430,820
<br /> Total Project Funding $22,288,338 $1,142,482 $23,430,820
<br /> A propriated for thisproject:
<br /> Current FY FY 2018-19 FY 2018-19
<br /> 2018-19 Amendment Revised
<br /> Economic Development Initiatives $11,144,169 $571,241 $11,715,410
<br /> Technology — Orange County $4,362,313 $224,326 $4,586,639
<br /> Schools
<br /> Technology — Chapel Hill-Carrboro
<br /> Cit Schools $3,298,876 $173,457 $3,472,333
<br /> Renovations and Site Improvements
<br /> —Chapel Hill-Carrboro CitySchools $2,020,922 $0 $2,020,922
<br /> Mechanical Systems — Chapel Hill-
<br /> Carrboro Cit Schools $1,082,059 $173,458 $1,255,517
<br /> Classroom/Academic Improvements $380,000 $0 $380,000
<br /> —Chapel Hill-Carrboro City Schools
<br /> Total Costs $22,288,338 $1,142,482 $23,430,820
<br /> SOCIAL JUSTICE IMPACT: There is no Orange County Social Justice Goal impact
<br /> associated with this item.
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