2014 016 Ordinance - Laserfiche WebLink

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GUIDELINES FOR COMPLETING YHE ALTERNATIVE TAX BUDGET INFORIVIATIOfV O-CHEDULE 1 The general purpose of schedule 1 is to meet the requirement of Ohio Revised Code (ORC) Section 5705.04 which requires the taxing authority of each subdivision to divide the taxes levied into seperate levies. For help use the schedule B issued by the budget commission for the current year and add any new levies. This wili help to ensure that no levies are missed. . In column 1 list only those individual funds which are requesting generai property tax revenue. In column 2 purpose refers to the following terms, inside, current expenses, and special levy for example. In column 4 levy type refers to renewal, addi6onal, and replacement for example. in column 9 identify the amount of general property tax you wish to requesG NOTE; The general purpose of column 9 is to demonstrate the need to produce property tax revenues to cover the estimated expenditures for the budget year. ORC Section 5705.341 states in part; "Nothing in this sec6on or any section of the ORC shail pertnit or require the levying of any rate of taxation, whether within the 10 mill limitation or whether the levy has been approved by the electors, the political subdivision or the charter of a municipal corporation in excess of such 10 mill limitation, unless such rate of taxation for the ensuing fiscal year is cleariy required by a budget properiy and lawfully, adopted under this chapter or by other information required per ORC 5705.281." Property tax revenue includes real estate taxes, personal property taxes, homestead and rollback, and the personal property 10,000 exempt monies. SCHEDULE2 The general purpose of schedule 2 is to produce an Official Certificate of Estimated Resources for all funds. In column 3, totai estimated receipts should include ail revenues plus transfers in exciuding property taxes and local govemment revenue. All taxing autho must submit a list of all tax trensfers. SCHEDULE3 The general purpose of schedule 3 is to provide inside/charter millage for debt service. The basic security for payment of general obligation debt is the requirement of the levy of ad valorem property taxes within the 10 mill limitation imposed by Ohio law. Ohio law requires a levy and collection of ad valorem property tax to pay debt service on general obligation debt as it hecomes due, unless that debt service is paid from other sources. SCHEDULE4 gfte general purpose of schedule 4 is to provide for the proper amount of millage to cover debt service requirements on voted bond issues. Major capital rovement projects are sometimes financed through the use of voted bonds. The taxing authority seeks voter approval of general obligation bonds and of the levy of property taxes outside the indirect debt limitation in whatever amount is necessary to pay debt service on those bonds. SCHEDULES The general purpose of schedule 5 is to properly account for tax anticipation notes. See schedule 5 for more details. 2 Revised 3-2004