BIL 252 Draft 01 2006-2008 - Laserfiche WebLink

Home

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