Presentation Transcript

1. Sales tax referendum

   May 6, 2014
2. Brunswick County’s Population The County is currently the 47th fastest growing county in the United States. Population 47.7% 42.5% 44.5% (%) Increase by decade Permanent Population Source: U.S. Census Bureau, North Carolina State Data Center, Brunswick County Peak Seasonal Population
3. Brunswick County’s Student Population Student Population Numbers reflect average daily membership. Prior to 2010, charter school funding was based on monthly numbers; it is now calculated by 20th day enrollment. Source: Brunswick County Schools
4. Brunswick County Economic Overview: Assessed Valuation The County experienced exponential growth in its ad valorem base in FY08 Revaluation Year *Budgeted NOTE: Revaluation of taxable property, required by NC State statutes at least every eight years, occurred at January 1, 1999, 2003 and 2007, and is reflected in the property values for the years ended June 30, 2000, 2004 and 2008. The County’s reassessment occurs every four years. Source: Brunswick County
5. Brunswick CountyHistorical Ad Valorem Tax Rate Tax Rates Have Remained Low and Stable Revaluation Year NOTE: Revaluation of taxable property, required by NC State statutes at least every eight years, occurred at January 1, 1999, 2003 and 2007, and is reflected in the property values for the years ended June 30, 2000, 2004, 2008 and 2012. The County’s reassessment occurs every four years. Source: Brunswick County
6. Current Tax Rate 0.4425 FY 15 budget estimated value of 1 cent $ 2,361,220
7. The schools have critical capital needs, not wants, in excess of $100 million. The County is paying debt on the 1999 voter-approved bond referendum, and will until 2020 Current debt payments are over $6 million per year A sales tax increase would generate $1.5 million per year for schools The sales tax referendum could: Delay the need for another bond referendum until the current bond is paid off, or nearly so Reduce the property tax rate if another school bond referendum is contemplated in the future
8. The state and federal governments are reducing funding for dredging and beach renourishment. Dredging keeps channels open and reduces pollution in sounds and rivers Keeping shellfish beds open and fish nurseries healthy Allowing navigation, commercial and recreational fishing Preserving access by rescue officials to swimmers and boaters in trouble Dredging and beach renourishment protect our valuable tourist economy Congressman McIntyre: “For every dollar spent on beach renourishment, there is a return of $340 to the local economy.”
9. The NC General Assembly has authorized county boards of commissioners in NC to levy a ¼ cent sales and use tax, contingent on an advisory referendum. Brunswick County: Has not increased the 44.25 cent tax rate for several years and has remained revenue neutral during revaluations Has reduced personnel and overhead costs by using technology North Myrtle Beach’s rate is 8%; Myrtle Beach’s rate is 9%.
10. A ¼ cent sales tax levy would Share the cost of vital infrastructure with tourists Relieve some pressure on property tax rates Supporting the real estate community, builders, developers and citizens Provide assistance to beach communities with beach renourishment, dredging and public accesses Reduce pressure to change the sales tax distribution method Mean an extra 2¢ on an $8 hamburger meal, or an extra 25¢ on a $100 purchase of school supplies. Not apply to gas or unprocessed foods (groceries)
11. Questions? Thank you for your interest in Brunswick County’s project funding and the May 6 sales tax referendum!