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shucks


2145 Posts

Posted - 10/05/2006 :  12:20:32 PM  Show Profile  Reply with Quote
This topic could have been posted in other forums.( ADM. if you feel it should be elsewhere please change).

In the Union Sentinel, Sept.23 issue, under the article, Commission Meeting Yields Proclamations, the final item stated the county was borrowing $1.8 million to cover county expenses for the remainder of the year.

This indicates we have a $1.8 million shortall in tax revenue. These funds will cover expenses until the county wide tax assessmsnt are raised. No matter how you cut it, this is a tax increase.

I assume the county needs the current tax revenue plus the $1.8 million that is being borrowed. This drives home the point that Union must get some additional means of raising revenue as this could be repeated annually. Counties borrowing money to meet tax shortfalls is not new, but steps have to be taken to balance the budget or cut necessary services.

Crunch time is coming. It is time that a concerted effort be made to review all means of obtaining additional revenue as residential dwellings taxed at the current values and millage rate cannot fund the county. With continued growth this will compound.


What would you suggest as additional revenue producers that Union could employ?


Shucks

Wildflower

USA
4528 Posts

Posted - 10/05/2006 :  12:47:02 PM  Show Profile  Reply with Quote
Um . . . let me think.

Wildflower

Sometimes I get the feeling the whole world is against me.
But deep down, I know that's not true.
Some of the smaller countries are neutral.
~Robert Orben
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ShadowMan

USA
4158 Posts

Posted - 10/05/2006 :  12:50:34 PM  Show Profile  Visit ShadowMan's Homepage  Reply with Quote
quote:
...the final item stated the county was borrowing $1.8 million to cover county expenses for the remainder of the year.

This indicates we have a $1.8 million shortfall in tax revenue.


I don't think you read that quite right. The Tax Anticipation Note (TAN) is to provide funds for the county to operate with (if they need to) until the the receipt of taxes actually happens. It's a cash flow thing. The government needs cash on hand to be able to do its functions.

Previously, they sent out tax notices in late September/early October and said you had until the end of the year to pay them. Some would pay right away, some would pay after a month or two, and some would wait until the last day. But during all of that there were tax revenues coming in to fund the day-to-day activities.

The tax re-assessment impacted that by delaying when tax notices can go out. They have to wait for the two assessment appeal periods to end, then update the tax digest, determine of a millage rate change applies, make that change, print up the tax bills, and then send them out.

So there's no money coming in for taxes in the interim like there ordinarily would be, and the TAN is there to cover that period IF they need it.

It's like me putting my time in at work but payday isn't until two weeks and in the meantime I need burgers and gas. I get a quick loan to cover me until payday. My bills didn't go up. I'm not even positive I need the loan, but better to have it on me and not need it than need it and not have it. That's the same thing that's happening with the TAN.

Cash flow. It's all about cash flow.

Shadow

This is my kirttimukha

Edited by - ShadowMan on 10/05/2006 12:52:43 PMGo to Top of Page

shucks


2145 Posts

Posted - 10/05/2006 :  12:55:54 PM  Show Profile  Reply with Quote
Shadow, thanks for your reply, clarifies some points. Like you stated I have been caught in a "shortfall" and lack of cash flow myself.

ShucksGo to Top of Page

Wildflower

USA
4528 Posts

Posted - 10/05/2006 :  12:57:25 PM  Show Profile  Reply with Quote
The same thing happened here in Towns County.

When the previous commissioner died, tax notices were sent out very late. They had to get a huge loan to cover it until they could collect the taxes.

Wildflower

Sometimes I get the feeling the whole world is against me.
But deep down, I know that's not true.
Some of the smaller countries are neutral.
~Robert Orben
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Wildflower

USA
4528 Posts

Posted - 10/05/2006 :  1:00:02 PM  Show Profile  Reply with Quote
Shoot.

It's happened to us in business. One time we were owed all kinds of money from three different sources, and one complication after another delayed all of them at the same time.

Ouch.

Can you say "Credit Card Advance"?

Wildflower

Sometimes I get the feeling the whole world is against me.
But deep down, I know that's not true.
Some of the smaller countries are neutral.
~Robert Orben
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a teach


466 Posts

Posted - 10/05/2006 :  1:11:08 PM  Show Profile  Reply with Quote
When tax bills are sent out late does that mean that taxes are paid later in the year? I've not paid property taxes in this state, so I'm unfamiliar with the way things are done here.

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ShadowMan

USA
4158 Posts

Posted - 10/05/2006 :  1:43:32 PM  Show Profile  Visit ShadowMan's Homepage  Reply with Quote
My understanding is that we have 60 days to pay the tax bill once it comes out.

Shadow

This is my kirttimukhaGo to Top of Page

   
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