Orange County NC Website
Browse       Search
17 <br /> excluding a $2.6 Million projected fund balance appropriation. She said improving pandemic <br /> recovery is driven by sales tax and charges for services as health restrictions are lifted. She <br /> said the only area where there was a decline was in other revenues. <br /> Slide #7 <br /> ORANGE COUNTY FY 2022-23 BUDGET <br /> FY 2022-23 Revenue Assumprions <br /> FY 2022r23 Property Tax Assumptions <br /> Recommended Property Tax Increase: <br /> $0Atl25—cover debt to use of FY2021-22one-time funds=IS53,024 <br /> $0.0100—allocate towards education funding=$2,212,097 <br /> Total Property Tax Increase with 2%natural grovnh=$S.5 Million <br /> ORANGE COUNTY <br /> MY17r]t t-AW-A IN., <br /> Bonnie Hammersley said property tax and sales tax are the main drivers of the county's <br /> general fund revenue budget. She said the recommended budget includes a 1.25 cent <br /> property tax increase. She said that a quarter cent was needed to cover debt. She said that <br /> last year, the debt model showed that a 4 cent tax increase was needed to cover the $10 million <br /> increase in debt service. She said that the property tax rate was increased by 3 cents, leaving <br /> a balance of 1.15 cents that was delayed due to the application of one-time American Rescue <br /> Plan Act funds in FY21. She said that staff reviewed the debt model and was able to reduce <br /> the 1.15 cents to .25 cents. She said that the 1 cent increase would generate $2,212,097, <br /> which is recommended for funding K-12 education expenses. <br /> Slide #8 <br /> FY2022-23 RECOMMENDED BUDGET <br /> FY 2022-23 Revenue Assumprions <br /> FY 2022-23 Sales Tax Assumptions <br /> 4%Growth o•er FY2021-22 projection as economy recovers due to lifting <br /> of CIVID mandates and sustained Online Saiec =W7 Million <br /> �r <br /> ORANGE Cal, <br /> moanICARoi.i <br /> Bonnie Hammersley said the 4% increase in sales tax revenue is consistent with state- <br /> wide estimates. <br />