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The Honorable Chairman Gary Safarik <br />and Members of the County Council <br />Page 7 <br />March I, 2005 <br />OPERATING REVENUES <br />The following table presents a summary of projected FY 2005 -06 revenues from various <br />sources and the changes from the current budget: <br />Significant changes to operating revenues are as follows: <br />Real Property Tax — Taxable real property values increase by 18.5% after incorporating the <br />new agricultural valuations (Ordinance No. 04 -143) and the 3% growth cap on homeowner <br />assessments (Ordinance No. 04 -121). Net taxable values, however, increase by only 13.6% <br />with the additional 20% home exemption on assessed values (Ordinance 04 -123). Real <br />property revenues increase by $15,598,000 with the tax rate remaining the same. <br />Public Service Company Tax — This tax revenue increases by $880,000 based on projections <br />of current collections. <br />Licenses and Permits — Licenses and permits increase by $2.7 million due primarily to the <br />full year collection of the vehicle and trailer weight tax increase that took effect January 1, <br />2005. <br />Interest Income — Interest earnings increase due to a higher rate of return on investments. <br />REVENUES BY SOURCE <br />(Amounts in thousands) <br />Increase <br />(Decrease) <br />Percent <br />From <br />Percent <br />Of <br />FY 2004 -05 <br />Increase <br />Source <br />Amount <br />Total <br />Amount <br />(Decrease) <br />Real Property Tax <br />$151,634 <br />54.7% <br />$20,598 <br />15.7% <br />Public Service Company Tax <br />6,000 <br />2.2% <br />880 <br />17.2% <br />Fuel Tax <br />7,580 <br />2.7% <br />448 <br />6.2% <br />Public Utilities Franchise Tax <br />5,400 <br />1.9% <br />312 <br />6.1% <br />Licenses and Permits <br />14,139 <br />5.1% <br />2,738 <br />24.0% <br />Revenues and Use of Money & Property <br />2,834 <br />1.0% <br />1,144 <br />67.7% <br />Intergovernmental Revenue <br />54,153 <br />19.5% <br />4,806 <br />9.7% <br />Charges for Services <br />20,070 <br />7.2% <br />2,503 <br />14.2% <br />Other Revenues <br />5,795 <br />2.1% <br />(2,687) <br />(31.7 %) <br />Fund Balance Carryover <br />9,844 <br />3.5% <br />911 <br />37.4% <br />$277,449 <br />100.0% <br />$31,653 <br />12.9% <br />Significant changes to operating revenues are as follows: <br />Real Property Tax — Taxable real property values increase by 18.5% after incorporating the <br />new agricultural valuations (Ordinance No. 04 -143) and the 3% growth cap on homeowner <br />assessments (Ordinance No. 04 -121). Net taxable values, however, increase by only 13.6% <br />with the additional 20% home exemption on assessed values (Ordinance 04 -123). Real <br />property revenues increase by $15,598,000 with the tax rate remaining the same. <br />Public Service Company Tax — This tax revenue increases by $880,000 based on projections <br />of current collections. <br />Licenses and Permits — Licenses and permits increase by $2.7 million due primarily to the <br />full year collection of the vehicle and trailer weight tax increase that took effect January 1, <br />2005. <br />Interest Income — Interest earnings increase due to a higher rate of return on investments. <br />