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5 <br /> Bonnie Hammersley said property tax revenues are calculated by applying a property <br /> tax rate to the property tax base. She said if the tax rate were left unchanged following <br /> revaluation, property taxes would increase because of the increase to the property tax base. <br /> She said the State of North Carolina requires counties to publish a revenue neutral rate <br /> following a revaluation, which is the rate that would produce the same amount of revenue had <br /> the revaluation not occurred. She resumed the presentation: <br /> Slide #8 <br /> ORANGE COUNTY FY2021-22 BUDGET <br /> FY 2021-22 REVENUE ASSUMPTIONS <br /> ❑ Salestax <br /> •12%eudptaryerowtn as oconomy moovaadue to Vamino dlstrlbutiononb <br /> oaso of Public Hoaun rostrlcuons <br /> •La—Unemployment/In—sod Consumer Spending from ARPA SlimuIus <br /> and Online Sales <br /> ❑American Rescue Plan Act Funds-$3.2M <br /> •Majority of funds allocated for Outside Agencies <br /> ORANGECOUNTY <br /> Bonnie Hammersley said sales tax collection has been strong, and projected sales tax <br /> revenue for FY21 is $26.7 million, 12% increase from the budgeted amount. She said the <br /> American Rescue Plan Act funds make up $3.2 million of the budget, and the majority of those <br /> funds are allocated to outside agencies. She said the list of items covered by ARPA funds will <br /> be given later in presentation. She resumed the presentation: <br /> Slide #9 <br /> FY2021-22 RECOMMENDED BUDGET <br /> Debt Service Requirements for 2016 <br /> Bonds and CIP <br /> Projected 1�)x Projections <br /> Increases based on Debt Appr—ed <br /> no <br /> t <br /> 1 0 HA <br /> t-Frzozo-zi crercnes•cnuee weuseoroe wrn.raa rocime ,�._, <br /> ORANGE COUNTY <br /> Bonnie Hammersley said the County's current debt model shows that 4.15 cents are <br /> needed to cover debt. She said the balance of the increase of 1.15 cents is delayed, due to the <br /> use of one-time American Rescue Plan funds. She resumed the presentation: <br />