Summary
To: Finance Board
From: Micah Badana
Date: 9/8/2016
______________________________________________________________________
Subject:
Title
Review of Proposed FY 2016-17 Budget
Summary:
Staff presented the Proposed FY 2016-17 Budget at the First Budget Hearing held on September 6, 2018.
End
Body
Previous Commission Action: Commission approved the Tentative Millage Rate of 5.9257 and the Tentative FY 2016-17 Budget.
Background/Problem Discussion: The Fiscal Year 2016-2017 operating millage rate is 5.9257 mills, which is greater than the rolled-back rate of 5.6453 mills by 4.97%.
The final millage rate shall not exceed the previously set maximum millage rate (MMP) of 5.9257. The Commission may set a final rate equal to, or less than the MMP. The proposed fiscal year 2016-17 millage is 5.9257: 4.9427 to the General Fund, and 0.9830 to the Infrastructure Fund (CIP). All millage calculations are based upon the certified total taxable value of $671,698,069 dollars. The statutory mandate of 95% percent collection of the total taxable value is $638,113,166 dollars. This represents an increase of 5.79% over the prior year's total taxable value.
Expenditure Challenges
GENERAL FUND
Revenues
Ad Valorem revenues have increased 5.7% for the upcoming year, this equates to an increase of $171,000. Electric Franchise is trending an increase and is estimated an additional $26,900. Communication Services Tax as estimated by the state is decreasing by $13,000 compared to prior year's budget. State Revenue Sharing is estimated at 4% increase, which is a $3,950 impact. State Sales Tax revenue increased by 3% and provides an additional $7,750.
As part of the Biltmore related revenues, Building Permits has increased by $18,000. This revenue will be higher again next year and then the revenues should begin to shift from permit based to ad valorem. This additional revenue will assist in offsetting the transfer from 305 (Capital Fund) revenue, as staff has planned to...
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