Minutes - 20041115 - Laserfiche WebLink

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. Financially sustain existing critical services to citizens as new initiatives are considered . Retain stable, qualified, competent, flexible work force . Carefully correlate operating and capital expenditures for all initiatives or projects . Put infrastructure in place to meet citizen expectations for service delivery . Balance resources for all major functions such as education, public safety and human services All in context of County's organizational mission, legal responsibilities and available resources Revenue Picture Property Taxes Remain Largest Single Source of Revenue ~'~ Property Tax Facts ^ Projected valuation for current fiscal year approximately $10.2 billion ^ Current year budget anticipates one cent on tax rate to generate $1,011,210 ^ Average annual valuation increases ^ 4.5% in non-revaluation years ^ 24°~ in revaluation years ^ Upcoming fiscal year will be "revaluation year" Approved Property Tax Rates t'} Sales Taxes Assessed Valuation ~za About 15°~ of total budgeted General Fund revenues in current fiscal year . Articles 39 {"One Cent") and 44 ("Third Half Cent") fund County's annual operating budget . Article 44 is "newest" sales tax revenue for local governments . Authorized by General Assembly in 2002 to replace reimbursements that State took away from local governments during fiscal year 2001-02 . No sunset provision . At that time, the State also authorized an additional one-half cent sales tax to directly fund state operations . Sunsets July 7, 2005 . By Board policy, Articles 40 & 42 ("First and Second Half Cents") dedicated to County and School capital projects Sales Tax Outlook ^ Economic slowdown since 9111 has resulted in less robust growth recently than that experienced in mid-1990's ^ Collections in last two to three months are slightly higher than same period in last two years Sales Tax Collections car Intergovernmental Revenues ~'~ Recent Unfunded Mandates and StatelFederal Funding Cuts ^ At this time, County department cuts and unfunded mandates far current fiscal year total $613,600 ^ Examples include . Revenue losses in OPT (State Rural Discretionary Funds) and Health (Smart Start funds for Child Health Awareness Project} . Rate increases to adult and group care homes (paid by DSS} . Unfunded enforcement requirements related to sex offender and video poker registrations, concealed weapon permits and domestic violence orders (Sheriff's Department}