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<br /> <br /> <br /> The Honorable Chairman Pete Hoffmann <br /> and Members of the County Council <br /> Page 2 <br /> February 29, 2008 <br /> <br /> Affordable Rental Housing class have been assigned the same tax rate as those in the <br /> Homeowners class. <br /> <br /> The real property assessed valuations used are still preliminary figures and the values <br /> certified in April may vary from those assumed here. The final budget presented to you <br /> in May will be based on the final numbers. <br /> <br /> REVENUE CHANGES <br /> <br /> The major changes in projected revenues are as follows: <br /> <br /> Real Property Tax. As stated above, real property tax revenues are expected to increase <br /> by 12.2%, or $25.8 million, due to an increase in taxable values. Of the 12.2% increase, <br /> 3.3%, or about $7.1 million, is attributed to new construction (2,450 new dwellings, 60 <br /> new commercial structures, 443 new condominium units, and 664 new outbuildings). <br /> <br /> Public Service Company Tax. Based on current collections, Public Service Company <br /> taxes are expected to increase by 17.8%, to $8.3 million. <br /> Revenue from Use of Money and Property. Interest revenues are expected to increase <br /> <br /> by $2.7 million. <br /> Other Revenues. Other revenues are expected to decrease slightly due to projected <br /> drops in land sales and departmental charges (Housing Fund). <br /> <br /> Fund Balance Carryover. Carryover savings are expected to decrease due primarily to <br /> the $9.7 million reduction in the General Fund's projected fund balance. <br /> <br /> EXPENDITURE CHANGES <br /> <br /> The major changes in projected expenditures are as follows: <br /> <br /> General Government <br /> <br /> • Clerk/Council. The Council's contingency account has been reduced to $900,000, a <br /> decrease of $1.8 million. <br /> • Finance. Lease rents are being consolidated and accounted for in the Property <br /> Management Division, which increases its budget by $2.8 million. <br /> <br /> • Public Works. Additional expenses for the new General Services section is more <br /> than offset by the decreases in lease rents and Flood Insurance Rate Maps (FIRM) <br /> updates. <br /> ¦ Additional responsibilities in facilities maintenance require the department to <br /> increase its General Services section budget by $908,601. <br />