HomeMy WebLinkAboutAgenda - 06-29-1993 - III-Q 1
ORANGE COUNTY
BOARD OF COMMISSIONERS
Action Agenda
Item No JIE-Q
ACTION AGENDA ITEM ABSTRACT
Meeting Date: June 29, 1993
SUBJECT: Quadrennial Real Property Revaluation Budget
DEPARTMENT Budget PUBLIC HEARING YES NO x
ATTACHMENT(S) INFORMATION CONTACT
Resolution Sally Kost, ext 2151
TELEPHONE NUMBER
Hillsborough 732-8181
Chapel Hill 968-4501
Mebane 227-2031
Durham 688-7331
PURPOSE: To approve the establishment of a reserve fund budget for the
next real property revaluation in Orange County.
BACKGROUND: NCGS 153A-150 requires the Board of County Commissioners
to establish a reserve fund and budget for the next real property
revaluation at the beginning of the next fiscal year following a
revaluation. The purpose of the reserve fund is to ensure that
counties set aside funds each year during a revaluation cycle to ensure
that sufficient funds are available to conduct the revaluation at
the end of the cycle. The Board has approved a quadrennial revaluation
cycle for Orange County, so the next revaluation is scheduled for
January 1, 1997 .
Since Orange County now conducts in-house real property revaluation,
rather than contracting out to a consultant, the additional costs for
the Assessor' s Office in a revaluation year are not extraordinarily
high compared to the usual annual budget for the Assessor' s operations.
Therefore, staff recommends that the Board approve a $60, 000 reserve
fund budget for the 1997 revaluation. The first $15,000 annual
appropriation for this fund has been included in the Manager' s
Recommended 1993-94 Budget.
RECOMMENDATION: The Manager recommends that the Board approve the
attached resolution establishing the 1997 revaluation reserve fund and
the budget plan for that fund.
2
ORANGE COUNTY BOARD OF COMMISSIONERS
A RESOLUTION ESTABLISHING A 1997 REVALUATION RESERVE FUND
WHEREAS, Orange County has completed a revaluation of all
real property effective January 1, 1993, pursuant to the
provisions of the Machinery Act of North Carolina, and
WHEREAS, it is the intention of the Orange County Board of
Commissioners that the next revaluation of real property be
effective January 1, 1997, and
WHEREAS, the Machinery Act requires that a Board of County
Commissioners establish a reappraisal reserve fund at the
outset of the fiscal year next following the completion of a
real property revaluation, and -
WHEREAS, it is estimated that the amount of $60,000 will be
needed by 1996-97 to cover expenses associated with the 1997
in-house revaluation,
NOW, THEREFORE, BE IT RESOLVED THAT the Orange County Board
of Commissioners hereby establishes the 1997 revaluation
reserve fund, to receive annual appropriations of $15,000,
beginning with the 1993-94 fiscal year.
This the 29th day of June, 1993.