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30 <br /> Commissioner Carter asked if the legislation has passed. <br /> Travis Myren said it hasn't yet. <br /> Vice-Chair Fowler asked if the average salary increase of 8% is retroactive. <br /> Travis Myren said no. He said no salary tables have been released, but it appears most of the <br /> raises will be heavily weighted towards starting teachers. <br /> Chair Hamilton asked if the salary assumption in the budget was 7%. <br /> Travis Myren said it was 7% over two years in the schools' continuation request, but his <br /> recommendation was 2.5%which cumulatively is 5%with the previous year's increase. He said they will <br /> have more information for the Board at a future budget work session. He said the state budget likely won't <br /> be approved until after June 30. <br /> Slide#23 <br /> Fund Balance Policy <br /> • Joint policy between the County and the School Districts <br /> — Last amended in 2018 to increase Orange County Schools undesignated fund balance target from <br /> 3%to 5.5% <br /> — Each District has targeted undesignated fund balance target of 5.5% of budgeted expenditures for <br /> "cash flow purposes only" <br /> — Undesignated fund balance may exceed targeted amount for"unseen events or opportunities" and <br /> other non-recurring purposes <br /> — Extraordinary emergency needs may exhaust fund balance <br /> • School Districts will take appropriate action to address the problem <br /> • County will reimburse the Districts for the necessary expenditures to address emergencies <br /> ORANGE COUNTY <br /> 23 NORTH CAROLINA <br />