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May 22, 2008 (Recessed Meeting) Page 840 The two-year school construction delay mentioned above may result in considerable overcrowding at two middle schools. Possible remedies to this overcrowding include redistricting, double shifts, year-round school schedules, or swapping construction dates between the jail housing unit (planned to begin in FY 09) and the middle schools (planned to begin in FY 11). The five-year financial plan (found on page 63) supports a five- year capital improvement plan (found on page 70) totaling $532.2 million dollars. The school construction projects mentioned above, plus annual capital outlay contributions to schools, make up 68 percent of the capital improvement plan (CI P), or $362.7 million. More than 16 percent of the funding for the CI P, about $88 million, comes from cash. That's up from 19.5 percent in FY 08. The remainder of the CI P, $949.2 million, is financed. As mentioned earlier, if the five measures from last year's budget message are successfully concluded, then population growth, the seemingly never ending need for new schools, and the disturbing trend of continually increasing taxes should be moderated. Onfortunately, it will take some .years for these measures to have a meaningful impact. In the meantime, the Board of Commissioners has identified several outcomes it desires to achieve in an effort to realize its vision for Cabarrus as "...a county in which our children learn, our citizens participate, our dreams matter, our families and neighbors thrive, and our community prospers." More information on the Board's strategic planning and visioning effort may be found on page 10. In addition to the five-year financial plan and CIP mentioned earlier, a concise summary of expenditures and revenues for FY 2009 begins on page 27. Thorough descriptions of county programs, services and expenses may be found in the program summaries, which begin on page 133. The county staff and I look forward to assisting you in reviewing this information. I appreciate the efforts of the many people who contributed to the preparation of this document and offer them my sincere gratitude. I especially want to thank Deputy County Managers Pam Dubois and Mike Downs, Budget and Performance Manager Loretta Lee, Assistant Finance Director Susan Fearrington and Budget Analyst Becky Crabtree for their considerable efforts. Respectfully submitted, /s/ John Day John Day, County Manager Hudget Overview - Revenue Summary Loretta Lee, Budget and Performance Manager, reviewed the following information: • Revenue by Fund: General Fund, Landfill Fund, 911 Telephone Fund, Arena Fund and the Tourism Fund • Ad Valorem Tax Revenue Generation Estimate o Proposed tax rate: 63 cents per $100 valuation o Revenue neutral rate: 52 cents o Ad Valorem Tax Revenue - $131.6 million • Revaluation o Normal growth - $5.3 million o Revaluation growth - $22.7 million • Fee Changes o Parks o Landfill • Proposed Budget o All Funds - $213,185,911 o Percent of Change FY 08 to FY 09: +7.23 percent • Summary of Expenditures by Service Area for All Funds • Notes on Significant Percentage Changes o General Services Administration - power bills o Building Maintenance - Justice Center o Courts - utilities and building maintenance projects