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.Natural growth in real property valuation produces about $2.5 million in new property tax dollars .That growth is offset by anticipated loss of$2.5 million in sales tax revenues created by slowing consumer spending and State legislative actions .Increased property taxes and use of fund balance ("rainy day" fund) recommended to fill the gap between revenues and expenditures .Appropriating $2 million in fund balance to cover cost of purchasing vehicles and equipment for county departments .Voter authorization of new local revenues such as Land Transfer Tax and additional sales tax would have helped to defray future tax rate increases . Projected proceeds from Land Transfer Tax about $3.5 million or about 2.75 cents on FY 2008-09 tax rate .Projected proceeds from additional Sales Tax about $3 million or about 2.36 cents on FY 2008- 09 tax rate Proposed Ad Valorem Tax Rate •Recommended tax rate of$1.038 per$100 of assessed valuation .Represents an increase of 8.8 cents over current rate of 95 cents •One cent on property tax estimated to generate $1,271,729 .FY 2007-08 one cent equivalent = $1,247,881 Proposed Chapel Hill Carrboro City Schools District Tax Rate •Recommended tax rate of 23 cents per $100 of assessed valuation .Covers the cost of opening new Morris Grove Elementary School and adding senior class at Carrboro High School .Represents an increase of 2.65 cents over current rate of 20.35 cents •One cent on property tax estimated to generate $808,738 .FY 2007-08 one cent equivalent = $802,246 Education Funding Overview .402 new students projected to attend Chapel Hill Carrboro City and Orange County Schools next year .323 students in Chapel Hill Carrboro City Schools . 79 students in Orange County Schools .Brings total student membership for both districts to 18,932 .Total recommended funding for both School districts totals $91.2 million