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l <br />CABARRUS COUNTY <br />BOARD OF COMMISSIONERS <br />REGULAR MEETING <br />FEBRUARY 21, 2011 <br />6:30 P.M. <br />AGENDA CATEGORY: <br />New Business <br />SUBJECT: <br />Finance - Presentation of Seven Additional Five -Year Plans & Quarter <br />Cent Sales Tax Option <br />BRIEF SUMMARY: <br />The Board was presented two (2) scenarios of the 5 -year plan at <br />its retreat held on Saturday, January 29, 2011 - one with the addition of a <br />1/4 % sales tax, and one without. After discussion, the Board requested <br />the preparation of four (4) additional scenarios for presentation at the <br />February work session, i.e., two with the additional 1/4% sales tax, one of <br />which freezes spending at FY11 levels, the other freezing spending at <br />FY12 levels; and two scenarios without the additional 1/4% sales tax, one <br />of which freezes spending at FY11 levels, the other freezing spending at <br />FY12 levels. All of these versions results in considerable shortfalls. <br />Additionally, a fifth version was prepared that freezes spending at FY11 <br />levels, does not raise taxes (but raises the tax rate in FY13 to achieve <br />revenue neutrality), fills revenue gaps with non - recurring revenues, and <br />balances revenues and expenditures in the final year of the planning <br />period. <br />Additional scenarios were requested. The sixth plan eliminates the 1/4 <br />cent sales tax option in FY 2012 and freezes expenditures at the FY 2011 <br />level except for public schools. <br />The seventh plan adds the 1/4 cent sales tax option in FY 2012 (election <br />in Nov. 2011) and freezes expenditures at the FY 2011 except public <br />schools in FY 2012. <br />REQUESTED ACTION: <br />C <br />G -4 Page 143 <br />