COM 0124.025 2004-2006 - Laserfiche WebLink

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Honorable Virginia Isbell and Members of the Committee on Finance Page 3 March 24, 2005 deadlines to file for home exemption, allowance of home occupation for home exemption, definition of principal home), No. 175 (3% growth cap), and No. 176 (5-year non-speculative dedication). Bill No. 169 that clarified section 19-77, HCC, relating to charitable organization exemptions was deferred. This Bill needs to be passed to recognize that organizations governed by section 501(c)(3) of the Internal Revenue Code should be exempt from paying real property tax, except for the minimum tax. Bill No. 170, a "housekeeping" measure, removes Water Tank exemptions from the valuation section of the County Code and more appropriately places it in the exemption section. VJe recommend that Council take action on this Bill. Other measures that need evaluation are: • Limiting disability exemptions to a principal home only; • Credit Union exemptions; and • Limiting real property tax payments to a percent of gross household income (circuit breaker). These were discussed with the Council in November 2003. 7. Risk Management -Some functions from other departments will be transferred to this new division. Does this new division overlap or duplicate responsibilities in other departments? Response: The new Risk Management division will coordinate activities in other departments and focus on responsibilities that have received minimal attention in the past. Duties related to researching insurance products may transfer to the Risk Manager, freeing up the Purchasing Agent to focus on other procurement priorities. Establishing a system for maintaining loss statistics may involve collecting that data from a number of departments. It is not expected that any activities will be duplicated. Coordinating the efforts of different departments will help in identifying and eliminating any duplication that may currently be taking place. 8. Treasury - Is there a continuing problem with reconciliation? Response: Reconciling all bank statements in a timely manner is an ongoing challenge. The division's sole accountant continues to receive new responsibilities, such as the addition of a new Improvement District. As a result, the Treasurer must reconcile monthly bank statements. A request for an Accountant I position is included in this budget proposal to assist with additional duties.