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30 <br /> Commissioner Bedford said she still does not see what revaluation has to do with this. <br /> Travis Myren said the revaluation means a penny is worth more than it was last year. <br /> Bonnie Hammersley said the property values of the entire county went up. <br /> Commissioner Bedford asked if the revenue would be the same since they set a <br /> revenue neutral rate. <br /> Bonnie Hammersley said the revenue goes down, because not as much revenue is <br /> needed to meet the tax rate. <br /> Commissioner Bedford asked if the tax rate is usually dropped to keep the revenues the <br /> same. <br /> Bonnie Hammersley said yes. <br /> Commissioner Bedford asked if the county is still on the hook for 4.22 cents. <br /> Bonnie Hammersley said yes. <br /> Commissioner Dorosin said the county starts with a revenue neutral rate but it can still <br /> be increased if it has to be. He said the starting base is changed to be revenue neutral. <br /> Chair Price asked if staff is recommending a 4.22 cents increase. <br /> Bonnie Hammersley said no, this is just the tax equivalent and staff would talk about this <br /> when the operating budget is discussed. <br /> Travis Myren resumed the PowerPoint presentation: <br /> FY2021-26 Recommended Capital Investment Plan <br /> Debt Service to General Fund Revenue Pcl icycompliance <br /> 8vaed en Recammerrded CM <br /> �a a� <br /> ORANNGIal.IUMY <br /> Commissioner Fowler asked if the board approving this would be allowing the county to <br /> go over its policy. <br /> Travis Myren said it is good to have a policy, but the biggest concern is that the elected <br /> body is aware of where the county is with respect to the policy. He said rating agencies <br /> understand there are projects that may cause fluctuations over time, which result in non- <br /> compliance with the policy, but it is with the knowledge of the elected body. <br /> Commissioner Fowler asked if this would affect Orange County's ratings. <br /> Travis Myren said no and these projections have been in place since the debt model <br /> existed. He said as long the elected body approved that amount, is aware of it, and there are <br /> efforts to come back into compliance in future years. <br /> Bonnie Hammersley said the rating agencies are also aware that the county had a $125 <br /> million bond. She said the county did not go over 15% until the bond referendum passed. <br /> Commissioner Bedford referred to page 145 of the CIP, the Active Capital Project <br /> Summary. She asked if these are the projects that were approved in the past but are not done <br /> yet. She referred to the affordable housing land banking of$2 million, and said it would be <br /> helpful to know the balances on these types of items. She said she would like to know when <br /> these projects close out, and if doing so impacts the debt forecast. She said she would like to <br /> know if any have funds have not been spent and are available to be used. <br />