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33 <br /> 1 Slide #2 <br /> FY2021-22 Budget Planning <br /> Solve for Debt Service Increase of Approximately$10 Million <br /> - Tax Equivalent of 4.131 cents per$100 Assessed Value <br /> Debt Service Raquiterne nits <br /> FYu�Tex Eg� Cwert❑e N ' AOoro'+ed Tax <br /> sle[tlng In FY 2018-19 PrgecLone raeases 10 Dale fv <br /> [In cevRsl 41n rnHs1 NNGem. <br /> (m[errsl <br /> FY 2018,10 1.42 1.27 127 <br /> Fr 2131 am 1.4[I _.W 80 <br /> 137 <br /> FY 2020 21 2.35 ::�...i M oT Tm• e <br /> Avn.ees <br /> FY 2021-22 2.r8 344 HV5 <br /> FY 2022-23 0 a H+A <br /> ++ ?.in 276 far <br /> ORANGE COUNTY <br /> ruoan c urtouaA <br /> 2 <br /> 3 <br /> 4 Travis Myren said the County will need a solution for a $10 million increase in debt <br /> 5 service. He said based on the current debt model, the County deferred the tax increase last <br /> 6 year with one-time revenues. He said to pay for debt service in FY22 with a tax increase only <br /> 7 would require an increase of 4.81 cents, which be a combination of the deferred FY21 needs <br /> 8 and FY22. <br /> 9 Bonnie Hammersley said every penny on the tax rate is $2 million, and the first <br /> 10 obligation of a county is to pay the debt. He said 4.81 cents would only go to pay debt. <br /> 11 Commissioner McKee confirmed that in FY23, there is no tax rate increase needed for <br /> 12 debt service, as debt service payments will not increase that year. <br /> 13 Bonnie Hammersley said yes. <br /> 14 Travis Myren resumed the PowerPoint presentation: <br /> 15 <br /> 16 Slide #3 <br /> 17 <br /> FY2021-22 Budget Planning <br /> Achieve Structurally Balanced Budget <br /> - Replace$7 Mlion in FY2020-21 Orne Time Revenues(if possible) <br /> • Assume Stagnant Motor Vehicle Property Tax Growth <br /> - Comparee to 2.75%Anmal Growth Hlstorlcally <br /> • Integrate Real Property Revaluation with Stale Collection Rates <br /> 8.9%Propclen Growth to the Tax Base)Assessetl Value <br /> - Revenue Neutral Rare-82.05 cents <br /> - Current Rate-b6.79 cents <br /> ORANGE COUNTY <br /> 18 ruoan can LIRA <br /> 19 <br /> 20 <br /> 21 <br /> 22 <br /> 23 <br /> 24 <br /> 25 <br /> 26 <br />