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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. The dependence on Property Tax revenue increases each year; from 53% of total General Fund revenues in FY 2007 to an estimate of 67% of total revenues in FY 2010. The amount of property tax revenue generated is an arithmetic function of the millage rate and the net tax digest. The chart and table below summarize some relevant property tax data over the most recent five-year period, including the projection for the 2010 fiscal year (2009 tax year). The net taxable digest had shown growth every year, but the 3.6% growth for the 2008 tax year (FY 2009) was the lowest of the preceding five-year period. It was actually, less than half of the average percentage growth for the period. For FY 2010 (2009 tax year), there was no growth of the net taxable digest. The percentage difference from the previous year is only 0.5%. 6,000,000,000 5,000,000,000 4,000,000,000 3,000,000,000 2,000,000,000 1,000,000,000 Digest Information - Net Taxable M & O Digest FY 2006 FY 2007 FY 2008 FY 2009 FY 2010 Fiscal Year Net taxable M&O Digest 2005 Tax Year (Actual) FY 2006 4,529,134,296 2006 Tax Year (Actual) FY 2007 4,923,405,587 2007 Tax Year (Actual) FY 2008 5,243,135,438 2008 Tax Year (Actual) FY 2009 5,431,100,479 2009 Tax Year (Projected) FY 2010 5,457,605,221 Digest Growth Millage Rate 7.6% 5.81 8.7% 5.36 6.5% 5.43 3.6% 5.40 0.5% 5.40 Change in Millage -5.8% -7.7% 1.4% -0.6% 0.0% The M&O millage rate had steadily decreased through FY 2007 (2006 tax year). After increasing for FY 2008, it decreased again in FY 2009 by 0.6% as a result of rollbacks on reassessments. For FY 2010 (2009 tax year), there will be no change on the millage rate. This should generate enough funds to meet the obligations detailed in the FY 2010 budget. II - 17

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 20.3% 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 over the entire twelve months of the year. On the downside, this revenue source is considered to be extremely elastic with collections being heavily dependent on the prevailing local economic conditions. The current economic downturn has weaken sales and use tax collections. Actual Sales and Use Tax decreased in FY 2009. FY 2010 is projected to remain at the same level as FY 2009. $11,000,000 $10,500,000 $10,000,000 $9,500,000 $9,000,000 $8,500,000 General Fund - Sales & Use Tax Revenue 2006 2007 2008 2009 2010 Fiscal Year Other Sources of Revenue Other sources of revenue are Other Taxes ($0.9 million), Licenses & Permits ($0.4 million), Intergovernmental Revenues ($0.6 million), Charges for Services ($1.6 million), Fines, Forfeits & Penalties ($1.5 million), Interest Earnings ($0.5 million), and Other Revenues ($0.2 million). The economic downturn has specially impacted Licenses & Permits and Interest Earnings. $2,200,000 $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 - Other Sources of Revenue 2008 2009 2010 Fiscal Year Other Financing Sources Other Taxes Licenses & Permits Intergovernmental Revenues Charges for Services Fines, Forfeits & Penalties Interest Earnings Other Revenues Other Financing Sources are transfers from other funds totaling $1.9 million. To balance the FY 2010 budget for the General Fund, $186 thousand has been appropriated from fund balance. II - 18

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