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OPERATING AND CAPITAL BUDGET - Fayette County Government

OPERATING AND CAPITAL BUDGET - Fayette County Government

Property Tax Property

Property Tax Property Tax is the biggest source of revenue for Fayette County. For FY 2013, it is projected to represent approximately 61% of total revenue. The amount of property tax revenue generated is an arithmetic function of the millage rate and the net taxable digest. The charts and table below summarize some relevant net taxable digest, millage rate, and property tax revenue data over the most recent five-year period. 5,600,000,000 5,400,000,000 5,200,000,000 5,000,000,000 4,800,000,000 4,600,000,000 4,400,000,000 4,200,000,000 4,000,000,000 Digest Information Net Taxable M & O Digest FY 2009 FY 2010 FY 2011 FY 2012 FY 2013 Fiscal Year Net taxable M&O Digest 2008 Tax Year (Actual) FY 2009 5,431,100,479 2009 Tax Year (Actual) FY 2010 5,457,605,221 2010 Tax Year (Actual) FY 2011 4,999,419,677 2011 Tax Year (Actual) FY 2012 4,789,562,720 2012 Tax Year (estimate) FY 2013 4,301,271,416 $30,000,000 $29,000,000 $28,000,000 $27,000,000 $26,000,000 $25,000,000 General Fund - Property Tax Revenue Digest Growth Millage Rate 3.6% 5.400 0.5% 5.400 -8.4% 5.400 -4.2% 5.645 -10.2% 5.645 2009 2010 2011 2012 2013 Fiscal Year 33 Change in Millage -0.6% 0.0% 0.0% 4.5% 0.0%

Sales and Use Tax The Sales and Use Tax (also referred to as a one-percent Local Option Sales Tax or L.O.S.T.) represents approximately 24.5% of total budgeted revenue. In contrast to the property tax, one benefit of this revenue source is that the cash flow it generates is fairly consistent. On the downside, this revenue source is considered to be extremely elastic with collections being heavily dependent on the prevailing local economic conditions. After a low in FY 2009, sales and use tax revenue has increased to levels comparable to pre economic downturn levels. $10,500,000 $10,000,000 $9,500,000 $9,000,000 $8,500,000 General Fund - Sales & Use Tax Revenue 2009 2010 2011 2012 2013 Fiscal Year Other Sources of Revenue Other sources of revenue are Other Taxes ($0.97 million), Licenses & Permits ($0.41 million), Intergovernmental Revenues ($0.74 million), Charges for Services ($1.823 million), Fines, Forfeits & Penalties ($1.34 million), Investment Income ($0.30 million), and Miscellaneous Revenues ($0.25 million). The economic downturn has specially impacted Intergovernmental Revenue levels. $2,000,000 $1,800,000 $1,600,000 $1,400,000 $1,200,000 $1,000,000 $800,000 $600,000 $400,000 $200,000 $- General Fund - O ther Sources of Revenue Other Taxes 2009 2010 2011 2012 2013 Fiscal Year Licenses & Permits Intergovernmental Revenues Charges for Services Fines, Forfeits & Penalties Investment Income Miscellaneous Revenue Contributions/Donations Other Financing Sources are transfers from other funds totaling $1.18 million. To balance the FY 2013budget for the General Fund, $4.97 million has been appropriated from fund balance; of these $2.84 million to fund operations and $2.13 million to fund capital and CIP projects. 34

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