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Attachment 6. Funding for Hypothetical Countywide Supplemental <br />Property Tax to Replace CHCCS District Tax Effective July 1, 2005 <br />useu m i.a~cwauuns: <br />t) March 2005 North Carolina Department of Public Instruction (NCDPI) Certified Average Daily Membership <br />projections for fscal year 2005-06 plus projected charter school students for school year 2005-06 <br />2) Per pupil funding reflects the amount approved by the Board of County Commissioners for fiscal year <br />Assumes proceeds from the CHCCS Special District Tax would be eliminated for fiscal year 2005-06 and <br />laced through equal per pupil (for CHCCS and OCS students) funding generated by additional Countywide <br />Student Membership Projections for School Year 2005-D6 <br />CHCCS ~ ~~~-~-~~-10,863 <br />OCS 7,013 <br />o a om me u en <br />Membership <br />17,876 <br />Approved Per Pupil Fundincl for Fiscal Year 2065.06 <br />General Fund (Total Approved <br />Current Expense = $49,981,296] $2,796 <br />pecia is nc o a <br />Projected Collections = <br />$13, 973,1 f 4) $1,286 <br />Mathematical Calculation of the Amount of Funding Required to Replace CtiGCS <br />District Tax with A Countywide Supplemental Property Tax Effective July 1, 2005 <br />Step 1 -Calculation of Funding Required to Replace CHCCS District Tax with a Countywide <br />Supplemental Property Tax. Multiply: Per Pupil Funding Projected from CHCCS Special District Tax during <br />fiscal year 2005-06 by Total Projected Student Membership for School Year 2005-06 <br />Fiscal Year 2005-06 Per Pupil Funding Projected <br />from CHCCS Special District Tax <br />$1,286 <br />Multiply: Fiscal Year 2005-06 Per Pupil Funding by <br />Total Projected Student Membership for School Year <br />2005-06 i~~ X 17,876 <br />Equals: Total General Fund Increase Required to <br />Provide Equal Per Pupil Funding for CHCCS and <br />OCS Students With Countywide Supplemental <br />Property Tax = $22,993,960 <br />Step 2 -Calculation of Projected Tax Rate Impact to Replace CHCCS District Tax with Countywide <br />Supplemental Property Tax, Divide: Total Amount of Funding (From Step 1 above) by Projected Amount <br />from One Cent on Countywide Property Tax for Fiscal Year 2005-06 <br />Total Amount of Additional Funding Required from a <br />Countywide Supplemental Tax to Provide Equai Per <br />Puoil Fundinc for CHCCS and OCS Students $22,993,960 <br />t Amount Generated by One Cent on <br />ide Prooertv Tax for Fiscal Year 2005-06 <br />t87 <br />Projected Tax Rate Increase to Replace <br />District Tax with Countywide Supplemental <br />19,4 cents per $100 of assessed <br />valuation <br />