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PROPERTY TAX REFORM UPDATE

PROPERTY TAX REFORM UPDATE. May 8, 2007. Property Tax Reform. Special Session Tax Reform Proposals Orange County Budget Summary. Property Tax Reform. Special Session Tax Reform Proposals Orange County Budget Summary. Legislative Special Session. Special Session - Property Taxes

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PROPERTY TAX REFORM UPDATE

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  1. PROPERTY TAX REFORMUPDATE May 8, 2007

  2. Property Tax Reform • Special Session • Tax Reform Proposals • Orange County Budget • Summary

  3. Property Tax Reform • Special Session • Tax Reform Proposals • Orange County Budget • Summary

  4. Legislative Special Session • Special Session - Property Taxes June 12 – 22 • Objective is to achieve significant cuts for taxpayers • $12 to $50 billion tax cut statewide

  5. Property Tax Reform • Special Session • Tax Reform Proposals • Orange County Budget • Summary

  6. Tax Reform Proposals Governor’s Plan $180.5 Million Annual Impact

  7. Tax Reform Proposals House Plan $132.8 Million Annual Impact

  8. Tax Reform Proposals Senate Plan $57.1 Million Annual Impact

  9. Summary of Legislative Proposals Orange County Annual Budget Impacts (Millions $)

  10. Property Tax Reform • Special Session • Tax Reform Proposals • Orange County Budget • Summary

  11. Budget Scenarios – General Fund Budget Cut Scenarios • Scenario A - $75 Million • Scenario B - $90 Million • Scenario C - $110 Million

  12. Revenue Adjustments – 3 Scenarios ScenariosA B C • GF Ad Valorem Reductions ($75.0 M) ($90.0 M) ($110.0 M) • PST & Other Increases $10.4 M $10.4 M $10.4 M • Net Reduction ($64.6 M) ($79.6 M) ($99.6 M)

  13. Corrections Sheriff Supervisor of Elections Medical Examiner Salaries/Benefits Animal Services Leases Facility Maintenance Expenditure Increases – General Fund Guiding Principles: Maintain level of service (LOS) for life, safety, health, plus salary increases.

  14. Expenditure Reductions – Scenario A • Budget Cuts* • 5% Workforce (Vacancies and Attritions) • 10% Operating • Capital Improvement Projects (CIPs) • Various Reductions to Outside Agencies *For areas affected by Property Tax - Excludes life, safety, and health requirements

  15. Expenditure Reductions – Scenario B & C • All the budget cuts from Scenario A with more severe cuts to operating programs, level of service, CIPs, and outside agencies

  16. Statutory Budget Timetable • July 1, Property Appraiser (PA) Certifies Taxable Value • By July 15, Budget Submittal to BCC • By August 4, Advise PA of Proposed Millage Rates • By August 24, PA Mails TRIM Notices • Between September 3 and September 18, 1st Public Hearing • Between Sept. 18 and Oct. 3, Final Public Hearing

  17. Budget Timetable Budget Worksession • Scheduled for July 17 – 19 • Simplified Budget Document Budget Public Hearings • 1st Public Hearing - September 6 • 2nd Public Hearing – Sept. 20

  18. Property Tax Reform • Special Session • Tax Reform Proposals • Orange County Budget • Summary

  19. Summary • Budget Must be Balanced • Difficult and Complicated Budget Process • Fiscal Impact Unknown, but may be Significant

  20. PROPERTY TAX REFORMUPDATE May 8, 2007

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