Resolution 2015-041 - Laserfiche WebLink

Home Browse Search

GUIDELINES FOR COMPLETING THE ALTERNATIVE TAX BUDGET INFORMATION SCHEDULE I 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 will help to ensure that no levies are missed. In column 1 list only those individual funds which are requesting general 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,additional,and replacement for example. In column 9 identify the amount of general property tax you wish to request. 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 section or any section of the ORC shall permit 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 clearly required by a budget properly 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. SCHEDULE 2 The general purpose of schedule 2 is to produce an Official Certificate of Estimated Resources for all funds. In column 3,total estimated receipts should include all revenues plus transfers in excluding property taxes and local government revenue. All taxing authorities,except school districts,must submit a list of all tax transfers. SCHEDULE 3 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 becomes due,unless that debt service is paid from other sources. SCHEDULE 4 The 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 improvement 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. SCHEDULE 5 The general purpose of schedule 5 is to properly account for tax anticipation notes. See schedule 5 for more details. Revised 3-2004