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April 15, 2014 (Special Meeting) Page 1979 <br />Paarth Mehta, Budget Analyst, presented the following summary of the <br />material previously reviewed: <br />Comparisons - Plans E, F,_C <br />They are similar in: <br />0 Following the BOC Guidelines from March 17 <br />Debt issuance amounts <br />Have the same revenues with the exception of property taxes <br />• Employee salary adjustments <br />• Have the same beginning balance of expenditures in FY15 <br />• Funding of new elementary school operational cost and 11 <br />annualized raise for school staff <br />• Retirement of existing debt <br />° Economic incentive grant funding <br />• CHA one -time reduction <br />• BOC contingency reduction <br />/ They differ in: <br />Tax rates <br />• Required reductions <br />• Cash accrual /debt service presentation <br />Plan C includes debt service, guideline requirements, and <br />architects and engineering <br />• Maintenance money for Schools <br />• County personnel additions <br />Required Reductions <br />$2,678,758 <br />$5,244,270 <br />$12,561,781 <br />Tax Rate by Fiscal <br />2015 <br />0.7000 <br />0.7000 <br />0.6850 <br />Year <br />2016 <br />0.7000 <br />0.7000 <br />0.6650 <br />2017 <br />0.6793 <br />0.6793 <br />0.6340 <br />Debt Issued <br />$43,000,000 <br />$43,000,000 <br />$43,000,000 <br />Additional $2 million <br />- RCCC <br />✓ <br />✓ <br />✓ <br />Additional $2 million - <br />MPMS <br />✓ <br />✓ <br />Provide $1.5 million - <br />RCCC <br />f <br />✓ <br />Cosmetology <br />Revenue Neutral Tax Rate in FY17 <br />✓ <br />✓ <br />✓ <br />Net Accumulated Cash <br />$14,609,667 <br />$20,297,703 <br />$30,077,539 <br />Outstanding Debt as of <br />June 30, <br />$163,331,334 <br />$163,331,334 <br />$163,331,334 <br />2021 <br />Following the conclusion of the presentation, Mr. Downs advised that <br />staff is in need of direction by the regular meeting, or soon thereafter, in <br />order to continue with the budget process. <br />There was a lengthy discussion regarding the plans, during which, staff <br />members responded to a variety of questions from the Board. <br />Chairman Poole left the room at 5:17 p.m. She returned to the meeting <br />at 5:21 p.m. <br />Richard Koch, County Attorney, was consulted regarding whether action <br />could be taken at the meeting since the purpose of the meeting was advertised <br />as conducting discussion. <br />There was also discussion regarding eliminating the budget meeting <br />scheduled for May 28 due to the North Carolina County Commissioners <br />Association (NCACC) County Assembly Day, scheduled for the same day. It was <br />suggested that remaining budget discussion could be recessed from the May 29 <br />budget meeting to the June work session. <br />The Five -Year Plans C, E, and F are as follows: <br />