Orange County NC Website
Browse       Search
16 <br /> 1 Slide#20 <br /> FY2026-36 Recommended Capital Investment Plan <br /> Funding the Plan <br /> • Total FY2026-27 Capital Budget Impact—2.90 cents per$100 of value <br /> — Pay-Go—89 cent tax rate equivalent <br /> — Debt—2.01 cent tax rate equivalent Fiscal Year Incremental Tax <br /> Rate Equivalent <br /> • FY2028-29—Increase of 4.58 cents per$100 of value <br /> — Principal and interest payments on FY2026-27 borrowing 2028-27 2.01 <br /> — Interest payments on FY2027-28 borrowing 2027-28 1.09 <br /> 2028-29 4.58 <br /> 2029-30 1.61 <br /> 2030-31 <br /> 2031-32 <br /> 2032-33 1.48 <br /> Total 10.77 <br /> ORANGE COUNTY <br /> 20 NORTH CAROLINA <br /> 2 <br /> 3 Travis Myren confirmed that the debt service increase equated to about 2 cents on the tax rate, <br /> 4 with an additional 0.89 cents for pay-go, totaling almost a 3 cent in tax increase. <br /> 5 Commissioner McKee emphasized that this represented a baseline, not including inflationary <br /> 6 factors or increased services. <br /> 7 Chair Hamilton reminded the Board that they will have the opportunity to go into more detail on <br /> 8 April16tn <br /> 9 Commissioner McKee said residents need to understand that there will likely be future tax <br /> 10 increases. <br /> 11 Chair Hamilton reminded the Board that the bond referendum was passed by voters, and that <br /> 12 understanding that tax increases may occur is part of the county's responsibility to communicate with <br /> 13 the public. <br /> 14 Vice-Chair Fowler said to Commissioner McKee's point of the increase in debt service, this was <br /> 15 the basis for her preference in keeping more pay-go last year to smooth out the increases. <br /> 16 Commissioner McKee said this Board and future boards will have the opportunity to delay <br /> 17 projects as needed. <br /> 18 Commissioner Bedford requested management suggestions for smoothing out the 2028-29 <br /> 19 increase, possibly through project timing adjustments. <br /> 20 <br /> 21 5. Public Hearings <br /> 22 a. Public Hearing on the Draft 2026-27 HOME Investment Partnership Annual Action Plan (AAP) <br /> 23 The Board held a public hearing to receive public comment on the Draft 2026-27 HOME Investment <br /> 24 Partnership Annual Action Plan (AAP). <br /> 25 BACKGROUND: The HOME Consortium Local Government Affordable Housing Collaborative (LGAHC) is <br /> 26 made up of elected officials from all four (4) participating jurisdictions: Carrboro, Chapel Hill, <br /> 27 Hillsborough, and Orange County. The Collaborative reviews staff recommendations on strategy and <br /> 28 policy around HOME federal funding, and makes recommendations to the Boards and Councils of each <br /> 29 jurisdiction for final approval. <br />