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Fiscal Year 2002-03 Financial Update <br /> Spring 2002 — Manager's Recommended budget for fiscal year 2002-03 anticipated revenues totaling $3. 1 <br /> million from State reimbursements that was due to the County. <br /> June 2002 — BOCC anticipated that the General Assembly would balance the 2002-03 State budget by <br /> withholding reimbursements due to local governments. <br /> •The Board adjusted the Manager's Recommended budget downward by $3.6 million to reflect the anticipated <br /> loss of state reimbursements and adjust the recommended tax rate from 4.5 cents to 2.5 cents.z7 <br /> September 2002 — The General Assembly approved the 2002-03 State budget. The approved budget: <br /> *Withheld reimbursements from local governments. <br /> •Reduced funding for certain State departments resulting in a "'trickle down" reduction to County departments — <br /> particularly human service related departments. <br /> •Authorized the Governor to make other, yet to be determined, funding reductions totaling $25 million to <br /> balance the State's budget. <br /> *October 2002 — General Assembly approved Senate Bill 1292 authorizing counties to levy a Third One-Half <br /> Cent Local Government Sales Use Tax effective no earlier than December 1, 2002. <br /> •Orange County BOCC approved the Resolution authorizing the new sales tax at its October 15, 2002 meeting. <br /> *According to estimates by the North Carolina Association of County Commissioners, anticipated additional <br /> revenue for Orange County for the current fiscal year are in the neighborhood of $1 .8 million. <br /> 25� <br /> tf' <br />