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OPERATING AND CAPITAL BUDGET - Fayette County Government

OPERATING AND CAPITAL BUDGET - Fayette County Government

General Fund Three Year

General Fund Three Year Comparison of Principal Revenue Sources REVENUE FY 2009 ACTUAL FY 2010 BUDGET FY 2010 ACTUAL* FY 2011 BUDGET Property Tax $ 28,333,294 $ 29,715,500 $ 29,414,662 $ 27,338,745 Sales & Use Tax 8,990,109 Other Taxes 1,041,225 Licenses & Permits 414,314 Intergovernmental Revenues 1,789,362 Charges for Services 1,657,680 Fines, Forfeits & Penalties 1,451,245 Interest Earnings 363,595 Other Revenues 351,308 9,000,000 864,550 386,750 552,485 1,625,295 1,507,000 500,000 232,300 9,635,056 1,126,104 424,201 630,072 1,681,412 1,494,283 123,722 313,239 9,500,000 908,500 382,000 624,000 1,525,250 1,374,000 125,000 210,000 Total Revenues $ 44,392,132 $ 44,383,880 $ 44,842,751 $ 41,987,495 Intergovernmental Revenues 1.5% Licenses & Permits 0.9% Other Taxes 2.2% Sales & Use Tax 22.6% Percentage Contribution of Revenue Sources FY 2011 BUDGET Charges for Services 3.6% Fines, Forfeits & Penalties 3.3% Interest Earnings 0.3% Other Revenues 0.5% Property Tax 65.1% Property Tax Sales & Use Tax Other Taxes Licenses & Permits Intergovernmental Revenues Charges for Services Fines, Forfeits & Penalties Interest Earnings Other Revenues II - 16

Property Tax Property Tax is the biggest source of revenue for Fayette County. For FY 2011, it is projected to represent approximately 65% of total revenue. The amount of property tax revenue generated is an arithmetic function of the millage rate and the net taxable digest. The chart and table below summarize some relevant property tax and millage rate data over the most recent five-year period, including the projection for the 2011 fiscal year (2010 tax year). The net taxable digest had shown a steady growth from FY 2004 to FY 2008 (7.7% annual average). For FY 2009, the net taxable digest growth was only 3.6%. For FY 2010, the net taxable digest was flat when compared to FY 2009. For the first time in many years, the net tax digest is projected to decrease by 8.4% for FY 2011. 5,500,000,000 5,400,000,000 5,300,000,000 5,200,000,000 5,100,000,000 5,000,000,000 4,900,000,000 4,800,000,000 4,700,000,000 4,600,000,000 Digest Information Net Taxable M & O Digest FY 2007 FY 2008 FY 2009 FY 2010 FY 2011 Fiscal Year Net taxable M&O Digest 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 (Actual) FY 2010 5,457,605,221 2010 Tax Year (Projected) FY 2011 4,999,419,677 Digest Growth Millage Rate 8.7% 4.89 6.5% 5.43 3.6% 5.40 0.5% 5.40 -8.4% 5.40 Change in Millage -5.8% 11.1% -0.6% 0.0% 0.0% The M&O millage rate had steadily decreased from FY 2003 to FY 2007. It increased in FY 2008 by 11.1%. It decreased again in FY 2009 by 0.6% as a result of rollbacks on reassessments. It has remained at 5.4 mills ($5.4 per $1,000 of assessed value) for the last three years. Even though, there is no increase in the millage rate even with a decrease in the net taxable digest, enough funds should be generated to meet the obligations detailed in the FY 2011 budget. II - 17

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