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<br /> Slide #62
<br /> Article 46 Sales Tax — page 76
<br /> • Board has requested staff review additional funding for Durham Tech from Article 46
<br /> pool. This will cause a larger gap in the fund.
<br /> Scenario 3-Fund both Student Liaison Positions out of Article 46-$183,298.Reduce Durham Current Expense in General
<br /> Fund by$47,270 so it only covers operational gap
<br /> Article 46 Funding FY25-26 FY26-27 FY26-27 FY27-28
<br /> Revenue $ 3,195,999 $ 3,323,839 $3,456,793 $ 3,595,065
<br /> Debt Service $ 1,009,605 $ 1,031,755 $ 1,01S,514 $ 819,079
<br /> Economic Development Department $ 458,060 $ 523,312 $ 545,979 $ 569,779
<br /> up art for General Fund Expenditures $ 276,692 $ 289,627 $ 303,208 $ 317,469
<br /> utside Grants and initiatives-Both Durham 7ech's Student Liaisons $ 1,057,019 $ 1,090,074 $ 1,061,451 $ 1,086,429
<br /> ew Incentive Money $ 394,623 $ 389,071 $ 530,641 $ 802,310
<br /> et Article 46 Casts $ $ $ $
<br /> Incentive Starting Balance $ 1,027,637 $ 333,430
<br /> Incentive Payments $ 1,088,330 $ 1,391,979 $ 739,494 $ 690,344
<br /> ncentive Deficit/Surplus Is 333,430 $ (669,478) $ (208,853) $ 111,966
<br /> ORANGE COUNTY
<br /> 62 NORTH CAROLINA
<br /> Kirk Vaughn said the General Fund is the backstop for all other funds so anything this fund
<br /> cannot cover the general fund would have to cover.
<br /> Commissioner McKee asked if that scenario would increase the spread in the deficit.
<br /> Kirk Vaughn said it would be the worst impact on the deficit.
<br /> Commissioner McKee said it seems to him that this is robbing Peter to pay Paul.
<br /> Chair Bedford said she thinks the Board should spend more time with the schools and
<br /> Durham Tech soon, because it seems that the schools should be funding those student liaison
<br /> positions. She said she appreciates seeing the numbers.
<br /> Commissioner Fowler said in Scenario 1, there is already a gap in paying incentives. She
<br /> said this assumes there are funds coming in through the general fund they did not anticipate.
<br /> Kirk Vaughn said yes, that is part of the natural growth assumed in the general fund.
<br /> Commissioner Fowler said they were at 80% revenues from residential and 20% for
<br /> commercial, then they worked hard to get the split to 70%-30%. She said she has heard that they
<br /> are now back to 80%-20%. She asked what the current split is. She asked for more research on
<br /> that trend. She said it makes her question why they should seek out commercial if it does not help
<br /> in the end. She said maybe certain types of commercial are more helpful.
<br /> Chair Bedford said the type of commercial matters more than she understood. She said
<br /> the jobs piece is also very important.
<br /> Commissioner McKee said it is important to factor in the radical expansion of housing. He
<br /> said the percentage of housing rising faster than percentage of commercial, shifts the split back
<br /> to 80% residential.
<br /> Commissioner Fowler said residential went up by 52% and commercial only up by 30%.
<br /> Commissioner McKee said it is convoluted because of the increase in the number of
<br /> houses, the value of the homes, and the revaluation. He said that it can easily outweigh a
<br /> commercial enterprise.
<br /> Travis Myren said staff can do some more analysis on this.
<br /> Slide #63
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