Minutes - 20050122 - Laserfiche WebLink

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Assessed Valuation c2) Current Year Property Tax Collections ^ Real Property Revenue Collections ^ Current year budget of $81.1 million . To date, about 95% of budgeted real property taxes have been collected . $3.9 million left to collect . Point of comparison -this time last year had attained almost exactly same percentage of collections at this point; by year end, total collections were 99.8% of budget . $75.2 million collected out of $75.3 million budget ^ Motor Vehicle Revenue Collections . Current year budget of about $7 million . Over the last few years, this has become less and less predictable due to staggered renewals and sluggish economy . To date, about 52% collected to date . Point of comparison -about 5°l0 lower than last year at this same time . June 30, 2004 year end collections were 92.1 °~ of budget . $6.4 million collected out of $6.9 million budget Revaluation Update At this point, real property valuation after revaluation is in the neighborhood of $10.6 billion . This amount is for real property only and does not include other components such as motor vehicles, personal property and utilities Reflects about a 20 percent increase over currently budgeted real property valuation . As point of comparison, the valuation projection (pre-revaluation) used in the current year's budget for real property was $8.8 billion ^ Anticipated "revenue neutral" tax rate in the neighborhood of 80 to 81 cents per $100 valuation . Current fiscal year approved tax rate = 88 cents per $100 valuation . One cent anticipated to generate a little mare than $1.1 million for fiscal year 2005-06 . One cent in fiscal year 2004-05 anticipated to generate about $1 million Property Tax Rates ~'~ Sales Tax Facts ^ 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 . By Board policy, Articles 40 & 42 ("First and Second Half Cents") dedicated to County and School capital projects Sales Tax Outlook ^ Economic slowdown and sluggish sales since 9111 have resulted in less robust growth than that experienced in mid-1990's ^ Current budget of $20 million . Collections to date are about $450,000 less than same time frame last fiscal year . Important to note that this does not include "holiday sales" . Payment received January 15 about one-half of previous three months