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Agenda
<br />June 21, 1999
<br />Page 3
<br />
<br />· Current Revenue Growth
<br />An accurate understanding of County Revenue Growth must account for the impact of increases
<br />in the property tax rate, tax settlement payments involving Philip Moms, revaluation impacts on
<br />property taxes and sales tax distribution formulas impacting local sales taxes. Included as
<br />Exhibit B, are pages 175, 176, 177, 178, 179 from the FY 98 County Audit and Summary sheet
<br />of Philip Morris tax settlement payments. This information was used to develop a-summary
<br />history of property tax revenues included in charts I, II, III and IV.
<br />
<br />Chart
<br />
<br />Fiscal $ Increase
<br />Year Over Prior Yr.
<br />
<br />Summation Property Tax Revenue Increases
<br />
<br /> Tax Rate $ Increase due Philip Moms2
<br /> Adjustment to Tax Adj. Tax $ Settlements
<br />
<br />88 Base Base
<br />89 $ 315,382 + 5.5¢
<br />90 2,725,395 + 3.5¢
<br />9t 487,053 -0-
<br />92 4,851,814 (5.0¢)
<br />93 1,650,820 -0-
<br />94 1,445,603 -0-
<br />95 9,190,069 +4.0¢
<br />96 (3,208,353) (5.5¢)
<br />97 2,723,957 +4.5¢
<br />98 7,602,875 +5.0¢
<br />*99 5,811,226 +4.0¢
<br />*00 6,170,666 (10.0¢)
<br />
<br />$1,510,509 ....
<br />1,034,528 ....
<br />N/A ....
<br />(Reval)z ....
<br />N/A ....
<br />N/A ....
<br />2,051,316 $ 9,071,755
<br />(Reval)t 25,829
<br />2,675,304
<br />3,351,046 908,144
<br />2,840,924 5,907,520
<br />(Reval)~ 2~650,055
<br />
<br />$ 39,766,517
<br />
<br />6.0¢ $ 13,463,627 $ 18,563,303
<br />
<br />Average = $ 3,313,876 .5¢ $1,121,969 $1,546,950
<br />
<br />Notes: * (projected numbers) 1. Reval years make it difficult to analyze growth versus tax adjustments.
<br /> 2. Philip Morris adjustments are for prior years and may include interest and penalties.
<br /> 3. Tax rate adjustments in '95, '96, '97, '98 and '99 were inclusive of increases in debt
<br /> associated with school construction costs.
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