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17 <br /> 1 recovery is driven by sales tax and charges for services as health restrictions are lifted. She <br /> 2 said the only area where there was a decline was in other revenues. <br /> 3 <br /> 4 Slide #7 <br /> ORANGE COUNTY FY 2022-23 BUDGET <br /> FY 2022-23 Revenue As%umprions <br /> FY 2022-2:3 Property Tax Assumptions <br /> Recommended Property Tax Increase: <br /> $0.0025—cover debt to use of FY2021-22 one-time funds=$553,024 <br /> $0.0100—allocate towards education funding=$2,212,047 <br /> �Au, Increase NlcdianValue Increase <br /> r <br /> Total Property Tax Increase with 2%natural growth=$8.5 Million <br /> ORANGE COUNTY <br /> NtIR"I1I e ARL11 IN. <br /> 5 <br /> 6 Bonnie Hammersley said property tax and sales tax are the main drivers of the county's <br /> 7 general fund revenue budget. She said the recommended budget includes a 1.25 cent <br /> 8 property tax increase. She said that a quarter cent was needed to cover debt. She said that <br /> 9 last year, the debt model showed that a 4 cent tax increase was needed to cover the $10 million <br /> 10 increase in debt service. She said that the property tax rate was increased by 3 cents, leaving a <br /> 11 balance of 1.15 cents that was delayed due to the application of one-time American Rescue <br /> 12 Plan Act funds in FY21. She said that staff reviewed the debt model and was able to reduce the <br /> 13 1.15 cents to .25 cents. She said that the 1 cent increase would generate $2,212,097, which is <br /> 14 recommended for funding K-12 education expenses. <br /> 15 <br /> 16 Slide #8 <br /> FY2022-23 RECOMMENDED BUDGET <br /> F4'2022-23 Revenue Asaumptiom <br /> FY 2022-23 Sales Tax Assumptions <br /> 4%Growth over FV 2021-22 projection as economy recovers due to lifting <br /> of COVID mandates and sustained Online Sales =$6.7 Million <br /> ORANGE COUNTY <br /> l <br /> N W 7I l:AR1)1ANA <br /> 17 <br /> 18 Bonnie Hammersley said the 4% increase in sales tax revenue is consistent with state- <br /> 19 wide estimates. <br /> 20 <br /> 21 <br />