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January 28, 2012 (Board Retreat),
<br />Five Year Financial Plan - Assumes Revenue Neutral
<br />Page 952
<br />114 Sales Tax in FY2012 and Freeze Expenditures at FY2012 Levels
<br />Total Cost
<br />Revenue Neutral
<br />Other Revenue
<br />Property Taxes
<br />Tax Rate
<br />GENERALFUND
<br />Categories
<br />Equivalent
<br />Running
<br />Mandatory/
<br />Revaluation Year
<br />18,406,561
<br />38,030,144
<br />0.2154
<br />Budgeted Revenues for:
<br />2012
<br />2013
<br />2014
<br />2015
<br />2016
<br />Estimated operating revenues from
<br />Mandatory/
<br />117,483,045
<br />49,406,208
<br />68,076,837
<br />0.3856
<br />previous fiscal year
<br />191,425.780
<br />191.171.680
<br />194,763.190
<br />198,301,377
<br />203.207,790
<br />Change resulting from Revaluation
<br />-
<br />360.884
<br />-
<br />-
<br />-
<br />GrorRh/Decline in tax base
<br />(2.476.934)
<br />1.014.479
<br />2464187
<br />3.214. 133
<br />3.960.492
<br />Increase in Property Tax
<br />Discretionary/
<br />-
<br />395,186
<br />2,977,434
<br />0.0168
<br />Register of Deeds Fees
<br />(56,050)
<br />177,000
<br />217.000
<br />220.000
<br />Building Inspection Fees
<br />(80,600)
<br />200.000
<br />250.000
<br />250.000
<br />0.039
<br />OSCS Subsidy Payments
<br />743,081
<br />27.839
<br />-
<br />-
<br />-
<br />Increase (Decrease) in other Revenues
<br />(1220,096)
<br />-
<br />$ 74,805,960
<br />-
<br />1 0.7296
<br />Growth in Sales taxes
<br />45,969
<br />247.308
<br />469.000
<br />938.000
<br />1425.384
<br />Nev 114 cent sales taxieducation capital projects
<br />3.036,000
<br />1,564.000
<br />138.000
<br />284,280
<br />401.762
<br />Reduction in Taxes - Article 39 and Article 44 (Medicald)
<br />(245,470)
<br />-
<br />-
<br />-
<br />-
<br />Total Re- occurring Revenues
<br />191„171.680
<br />194,763,190
<br />198.301,377
<br />203.207. 790
<br />208.995.448
<br />One Time Revenue Sources
<br />Capital Reserve Funds
<br />846,800
<br />-
<br />Capitalized Interest Proceeds - School Debt
<br />3:967,669
<br />-
<br />-
<br />-
<br />-
<br />Contribution from Capital Projects Funds
<br />5.700.000
<br />Lottery Proceeds
<br />1,713,555
<br />7.307,518
<br />4,848.673
<br />2.000.000
<br />2.000.000
<br />Fund Balance Appropriated
<br />Total Revenues
<br />203.399.704
<br />202.070.708
<br />203.150.050
<br />205,207.790
<br />210,995.448
<br />Budgeted Expenditures for:
<br />Estimated operating expenditures from
<br />previous fiscal year
<br />192214.857
<br />201.382904
<br />200 .900.708
<br />201.560.050
<br />202,131.607
<br />RCCC Current Expense Funding
<br />37,044
<br />School Current Expense Funding
<br />840.000
<br />New Debt Service
<br />Housing Unit for Detention Center
<br />(154.250)
<br />(124.000)
<br />(124.000)
<br />(145.000)
<br />(146,500)
<br />School Debt
<br />4,735.000
<br />(142.050)
<br />(197.950)
<br />(224.400)
<br />(189.400)
<br />Oualified School Construction Bonds
<br />748.098
<br />28.027
<br />1,330.000
<br />Retirement of Debt Service
<br />(817,445)
<br />(1.490.977)
<br />(188.708)
<br />(897.743)
<br />(2286,744)
<br />Fulfilled/Added Econ Dev Incentive Grants
<br />(345,223)
<br />(175,000)
<br />46.000
<br />(125,000)
<br />(727.000)
<br />Obligation to Kannapons
<br />-
<br />1.421.804
<br />44.000
<br />43.700
<br />3.300
<br />Salaries and Benefits:
<br />COLA
<br />730,154
<br />-
<br />New Positions inclusive of all benefits - Detention Unit
<br />2,678,621
<br />-
<br />-
<br />-
<br />-
<br />Increase in operational cost for the Housing Unit
<br />535.800
<br />Increase (Decrease) in Contingency
<br />(219,428)
<br />-
<br />-
<br />-
<br />-
<br />Undesignated Expenditures
<br />-
<br />-
<br />1. 500.000
<br />1,500.000
<br />1,500.000
<br />Misc. Increases (Decreases) in Operational Expenditures
<br />316.696
<br />-
<br />-
<br />-
<br />Cabarrus Health Alliance Funding
<br />82.980
<br />Total Operating Expenditures
<br />201,382,904
<br />200.900.708
<br />201 .980.050
<br />202.131,607
<br />201,615.263
<br />Funding for Capital Projects:
<br />Capital Improvement Plan - Capital Reserve Funds
<br />846.800
<br />-
<br />-
<br />Capital Improvement Plan - General Fund Monies
<br />1.170,000
<br />1,170.000
<br />1,170,000
<br />1,170.000
<br />1.170.000
<br />Contribution to Capital Reserve Fund
<br />Total Expenditures
<br />203,399.704
<br />202.070.708
<br />203,150.050
<br />203,301.607
<br />202,785.263
<br />Revenues over (under) Expenditures
<br />0
<br />0
<br />0
<br />1,906.183
<br />8,210.185
<br />Estimated Unassigned Fund Balance
<br />18,328.832
<br />18.328.832
<br />18.328,633
<br />20 35.016
<br />28.445.202
<br />Property Tax Rate
<br />.631100
<br />.7050/100
<br />.7050/100
<br />.7050 1100
<br />.70501100
<br />Total Debt Service Payments
<br />46,520,115
<br />44,791.115
<br />44.280.457
<br />43.013.314
<br />41.720,670
<br />as a % of Current Budget
<br />22.87%
<br />22.17%
<br />21.80%
<br />21,16%
<br />20.57%
<br />Note: Adopted in FY 11 -12.
<br />Finance - Budgetary Impact of Revaluation (Current, Flat and Revenue Neutral)
<br />Erica Nesbitt, Budget and Performance Manager, reviewed the Program
<br />Funding Matrix for the current tax rate of 63 cents, the revenue neutral tax
<br />rate of 72.96 cents, and a flat rate of 63 cents. The matrixes categorize
<br />county programs according to state, federal or other legal mandates and their
<br />associated funding, mandatory vs. discretionary, using color coding. Tables
<br />for revenue neutral and the current tax rate are as follows:
<br />Funding Matrix
<br />Total Cost
<br />Revenue Neutral
<br />Other Revenue
<br />Property Taxes
<br />Tax Rate
<br />Tax Rate
<br />Categories
<br />Equivalent
<br />Running
<br />Mandatory/
<br />56,436,705
<br />18,406,561
<br />38,030,144
<br />0.2154
<br />0.2154
<br />Mandatory
<br />Mandatory/
<br />117,483,045
<br />49,406,208
<br />68,076,837
<br />0.3856
<br />0.6011
<br />Discretionary
<br />Discretionary/
<br />13,004,597
<br />297,786
<br />12,706,811
<br />0.0720
<br />0.6731
<br />D_s CretiOnar'
<br />Discretionary/
<br />3,372,620
<br />395,186
<br />2,977,434
<br />0.0168
<br />0.6899
<br />Obligations*
<br />Discretionary/
<br />13,302,017
<br />6,300, 219
<br />7,001,798
<br />0.039
<br />0.7296
<br />Discretionary
<br />TOTAL
<br />$ 203,598,984
<br />$ 74,805,960
<br />$ 128,793,024
<br />1 0.7296
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