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Recommended General Fund Budget •General Fund Budget totals $188.3 million ■Original fiscal year 2007-08 budget totaled $173.6 million •Recommendation represents an 8.4 percent increase over previous year original budget FY 2008-09 Budget Requests Compared to Recommended Budget Ad Valorem and Chapel Hill-Carrboro City Schools Special District Tax Requested Recommended %Funded Budget Budget Education (includes Chapel Hill- Carrboro City Schools and Orange County Schools funding for current expense, operating and long-range capital, debt service, Fair Funding, School $111,459,950 $109,841,408 98.5% Health Nurses, Social Workers, School Resource Officers, and Orange County Satellite Campus of Durham Technical Community College current expense and debt service) County Departments and Outside Agencies (includes $100,760,803 $97,052,832 96.3% County related debt service) Little Growth Anticipated in Non-Property Tax Revenues for FY 2008-09 (bar graph) Balancing the Budget .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 2.3E cents on FY 2008- 09 tax rate Proposed Ad Valorem Tax Rate ■Recommended tax rate of$1.038 per$100 of assessed valuation