Orange County NC Website
Browse       Search
30 <br /> 1 Commissioner Bedford said she still does not see what revaluation has to do with this. <br /> 2 Travis Myren said the revaluation means a penny is worth more than it was last year. <br /> 3 Bonnie Hammersley said the property values of the entire county went up. <br /> 4 Commissioner Bedford asked if the revenue would be the same since they set a revenue <br /> 5 neutral rate. <br /> 6 Bonnie Hammersley said the revenue goes down, because not as much revenue is <br /> 7 needed to meet the tax rate. <br /> 8 Commissioner Bedford asked if the tax rate is usually dropped to keep the revenues the <br /> 9 same. <br /> 10 Bonnie Hammersley said yes. <br /> 11 Commissioner Bedford asked if the county is still on the hook for 4.22 cents. <br /> 12 Bonnie Hammersley said yes. <br /> 13 Commissioner Dorosin said the county starts with a revenue neutral rate but it can still <br /> 14 be increased if it has to be. He said the starting base is changed to be revenue neutral. <br /> 15 Chair Price asked if staff is recommending a 4.22 cents increase. <br /> 16 Bonnie Hammersley said no, this is just the tax equivalent and staff would talk about this <br /> 17 when the operating budget is discussed. <br /> 18 Travis Myren resumed the PowerPoint presentation: <br /> 19 <br /> FY2021-26 Recommended Capital investment Plan <br /> Debt Service to Geneml Fund Revenue PolicyCom0liance <br /> au.d on Recommended CM <br /> OPAo EcxnoC�m,�iY <br /> 20 <br /> 21 <br /> 22 Commissioner Fowler asked if the board approving this would be allowing the county to <br /> 23 go over its policy. <br /> 24 Travis Myren said it is good to have a policy, but the biggest concern is that the elected <br /> 25 body is aware of where the county is with respect to the policy. He said rating agencies <br /> 26 understand there are projects that may cause fluctuations over time, which result in non- <br /> 27 compliance with the policy, but it is with the knowledge of the elected body. <br /> 28 Commissioner Fowler asked if this would affect Orange County's ratings. <br /> 29 Travis Myren said no and these projections have been in place since the debt model <br /> 30 existed. He said as long the elected body approved that amount, is aware of it, and there are <br /> 31 efforts to come back into compliance in future years. <br /> 32 Bonnie Hammersley said the rating agencies are also aware that the county had a $125 <br /> 33 million bond. She said the county did not go over 15% until the bond referendum passed. <br /> 34 Commissioner Bedford referred to page 145 of the CIP, the Active Capital Project <br /> 35 Summary. She asked if these are the projects that were approved in the past but are not done <br /> 36 yet. She referred to the affordable housing land banking of$2 million, and said it would be <br /> 37 helpful to know the balances on these types of items. She said she would like to know when <br /> 38 these projects close out, and if doing so impacts the debt forecast. She said she would like to <br /> 39 know if any have funds have not been spent and are available to be used. <br /> 40 Paul Laughton said most projects are ones that have gone out for debt financing, but <br /> 41 some have not, because they are not ready. He said the projects are shown on the page in <br />