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OPERATING AND CAPITAL BUDGET - Fayette County Government

OPERATING AND CAPITAL BUDGET - Fayette County Government

Sales and Use Tax The

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 23% 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, FY 2010 actual revenue was higher than budgeted. For FY 2011, Sales and Use Tax revenue is projected to be slightly lower than FY 2010. $11,000,000 $10,500,000 $10,000,000 $9,500,000 $9,000,000 $8,500,000 General Fund - Sales & Use Tax Revenue 2007 2008 2009 2010 2011 Fiscal Year Other Sources of Revenue Other sources of revenue are Other Taxes ($0.91 million), Licenses & Permits ($0.38 million), Intergovernmental Revenues ($0.62 million), Charges for Services ($1.5 million), Fines, Forfeits & Penalties ($1.4 million), Interest Earnings ($0.1 million), and Other Revenues ($0.2 million). The economic downturn has specially impacted Licenses & Permits and Interest Earnings. $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 2009 2010 2011 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 $2.8 million. To balance the FY 2011 budget for the General Fund, $246 thousand has been appropriated from fund balance. II - 18

OTHER FUNDS In addition to the General Fund, three other funds have historically provided significant revenue for County operations. These are the Fire Services - Special Revenue Fund, the Emergency 911 - Special Revenue Fund, and the Water System Fund. The Emergency Medical Services (EMS) fund, a special revenue fund, was created in FY 2008 to account exclusively for revenues and expenditures related to emergency medical services operations. Fire Services Special Revenue Fund The Fire Services Special Revenue Fund provides funding for fire prevention and suppression activities for all areas of the County except for the cities of Fayetteville and Peachtree City, which have decided to maintain their own fire departments. To provide a funding mechanism that will ensure that only those individuals living in the area receiving these fire services pay for the services, a special tax district was created several years ago. Approximately 98.6% of the total revenue for this fund is generated from the taxation of property. This clearly demonstrates the fund’s dependence on property taxes to pay for the delivery of services. Thus, the revenue for this special revenue fund is considered very stable even in an economic downturn. Other sources of revenue for this fund are Intergovernmental Revenues, Charges for Services, Interest Earnings, and Other Revenues. REVENUE Three Year Comparison of Principal Revenue Sources FY 2009 FY 2010 FY 2010 FY 2011 ACTUAL BUDGET ACTUAL* BUDGET Property and Other Taxes $ 7,158,551 $ 7,461,300 $ 7,401,218 $ 6,958,400 Intergovernmental Revenues 243,743 Charges for Services 44,002 Interest Earnings 40,701 Other Revenues 41,106 - 45,000 46,000 37,500 - 63,592 13,160 37,248 - 50,000 10,000 37,500 Total Revenues *Year-end projection. $ 7,528,102 $ 7,589,800 $ 7,515,218 $ 7,055,900 Charges for Services 0.7% FY 2011 Budget - Percentage Contribution of Revenue Sources Interest Earnings 0.1% Other Revenues 0.5% Property and Other Taxes 98.6% II - 19 Property and Other Taxes Charges for Services Interest Earnings Other Revenues

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