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May 4, 2009 (Work Session)
<br />Page 1359
<br />Reduction in Taxes - Article
<br />39 and Article 99
<br />(Medicaid) (5,321,210) (1,306,508) (32,981) (33,311) (33,699)
<br />Total Revenues 199,522,662 196,900,115 203,659,272 220,995,492 226,960,799
<br />
<br />Budgeted Expenditures for:
<br />Estimated operating
<br />expenditures from previous
<br />fiscal year 188,866,929 188,276,086 196,023,278 202,505,722 211,821,906
<br />RCCC Current Expense Funding - 69,925 99,921 99,192 109,099
<br />School Current Expense
<br />Funding:
<br />Current Operations 1,177,695 863,957 1,113,931 1,973,320 1,998,297
<br />Building and Grounds
<br />Maintenance (96,792) 90,988 81,380 62,199 83,016
<br />Opening New Schools - - - 3,000,000
<br />New Debt Service (estimated):
<br />Housing Unit for Detention
<br />Center 1,891,999 3,100,000 (159,250) (129,001) (129,000)
<br />School Debt Issue 3,982,767 3,095,696
<br />Parking Deck 733,205 219,300
<br />Retirement of Debt Service (1,970,923) (1,169,769) (842,483) (1,985,615) (180,502)
<br />Fulfilled/Added Econ Dev
<br />Incentive Grants 929,770 500,969 (162,000) (769,000) (249,000)
<br />Maximum County Contribution
<br />for NC Research Campus 662,799 812,956 300,126 540,222 1,020,777
<br />Salaries and Benefits:
<br />COLA, Merits, and Health
<br />Insurance Increases 1,501,953 757,708 2,401,558 2,519,621 2,691,019
<br />Avg Growth in New Positions
<br />inclusive of all benefits 902,739 500,000 500,000 500,000 500,000
<br />New Positions inclusive of
<br />all benefits - EMS Shift - - - - -
<br />New Positions inclusive of
<br />all benefits - Detention
<br />Unit - 1,719,189 1,716,189 1,593,259
<br />Increase in operational cost
<br />for the Housing Unit - 600,000 119,900 - -
<br />Increase in Contingency 650,000 (500,000)
<br />Misc. IRCredSes in
<br />Operational Expenditures (1,611,619) 300,000 350,000 500,000 600,000
<br />Vehicles New 6 Replacements -
<br />General Govt (331,791) - - - -
<br />Building Maintenance Repairs 130,300 - 100,000 100,000 100,000
<br />Decrease in Medicaid (3,371,013) - - - -
<br />Additional Cabarrus Health
<br />Alliance Contribution due
<br />to population growth - 126,765 130,966 134,276 138,197
<br />Total Operating
<br />Expenditures 188,276,086 196,023,278 202,505,722 211,821,906 223,998,951
<br />Funtling for Capital Projects:
<br />Capital Improvement Plan 1,686,850 1,130,000 8,679,085 2,550,566
<br />Contribution to Capital
<br />Reserve Fund 9,559,726
<br />Total Expenditures 199,522,662 196,023,276 203,635,722 220,995,991 226,599,517
<br />
<br />Revenues over (under)
<br />Expenditures - 376,836 18,550 0 (88,718)
<br />Estimated Unreserved Fund
<br />Balance 36,791,776 37,118,612 37,137,162 37,137,162 37,096,999
<br />as a 8 of Current Budget 198 208 188 188 168
<br />Property Tax Rate .63 / 100 .635 / 100 .635 / 100 .635 / 100 .635 / 100
<br />Total Debt Service Payments 37,671,897 39,587,133 39,323,605 91,911,056 99,652,200
<br />as a 8 of Current Butlget 19.378 20.208 19.318 19.018 19.718
<br />Comparison of the Two Plans
<br />Par Projected Total
<br />Vd1Ue Interest TOtdl TOtdl Debt Tax IRCTease
<br />Borrowed Rate Interest Principal Service 2010 2011 2012 2013 2019
<br />May 2009 99,300,000 9.372 38,687,950 99,300,000 132,987,950 - 2.00 2.50 - -
<br />May 2012 139,955,000 6.353 86,819,830 139,955,000 221,769,830 - 0.50 - - -
<br />Difference 90,655,000 1.981 98,126,880 90,655,000 88,781,860 A
<br />A Increase in cost is due to Construction inflation from 2009 to 2012 and increase in interest rate over
<br />the same time period.
<br />Ms. Dubois reviewed the two plans with the Board, noting all factors on
<br />both plans are the same except for the following: the property tax rate
<br />increases are different; the introduction of current expense for opening new
<br />school facilities is in two different years; and the debt service for the two
<br />different programs are different. She thoroughly reviewed the options and
<br />answered questions from the Board.
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