Orange County NC Website
5 <br /> 1 revaluation, property taxes would increase because of the increase to the property tax base. <br /> 2 She said the State of North Carolina requires counties to publish a revenue neutral rate <br /> 3 following a revaluation, which is the rate that would produce the same amount of revenue had <br /> 4 the revaluation not occurred. She resumed the presentation: <br /> 5 <br /> 6 Slide #8 <br /> ORANGE COUNTY FY2021-22 BUDGET <br /> FY 2021-22 REVENUEASSUMPTIONS <br /> J Sales Tax <br /> •12%Budgetary13,"th as oconomy r000v moue to ya"we dlstdbutionono <br /> naso Of Public Health restrictions <br /> •Lo—rtlnemployment/Increased Consumer Spendingtrom ARPA Stimulus <br /> and Online Salas <br /> ❑American Rescue Plan Act Funds-$3.2M <br /> •Majority of funds allocated for Outside Agencies <br /> ORANGE COUh1TY <br /> 7 non>>a awx,un„ <br /> 8 <br /> 9 Bonnie Hammersley said sales tax collection has been strong, and projected sales tax <br /> 10 revenue for FY21 is $26.7 million, 12% increase from the budgeted amount. She said the <br /> 11 American Rescue Plan Act funds make up $3.2 million of the budget, and the majority of those <br /> 12 funds are allocated to outside agencies. She said the list of items covered by ARPA funds will <br /> 13 be given later in presentation. She resumed the presentation: <br /> 14 <br /> 15 Slide #9 <br /> FY2021-22 RECOMMENDED BUDGET <br /> Debt Service Requirements for 2016 <br /> Bonds and CIP <br /> based 0.Debt <br /> (in cents) On ants f <br /> FY 2018-10 127 1,27 <br /> FY 2021-22 2.78 100 WA <br /> FY 2022-23 7al 1.15 WA <br /> FY 2023-24 U U WA <br /> Total 1 795 5.02 1.87 <br /> ,_ aeane : a .x .o _ <br /> ORANGE COUNTY <br /> 16 <br /> 17 <br /> 18 Bonnie Hammersley said the County's current debt model shows that 4.15 cents are <br /> 19 needed to cover debt. She said the balance of the increase of 1.15 cents is delayed, due to the <br /> 20 use of one-time American Rescue Plan funds. She resumed the presentation: <br /> 21 <br /> 22 <br /> 23 <br /> 24 <br /> 25 <br /> 26 <br /> 27 <br /> 28 Slide #10 <br />