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3 .. . t , m r -==&1 Sd i,'�� . , , 'f • ,,.:. , . 'R�'a .L'§ ; "`" 'G . if' �` ` '; .:. .ri'�.�' $ :r .s.:. is 'rY. � ` 7 a �. s �s ` s�'�i' "�� ,.�rtt 11 . E . 2 . BUDGET - GENERAL FUND AND MUNICIPAL SERVICE TAXING UNIT MILLAGE REDUCTION AND BUDGET CHANGES FOR FY 2001 - 02 The Board reviewed a Memorandum of August 15 , 2001 : TO : Members of the Board of County Commissioners THROUGH : Joseph A. Baird Assistant County Administrator FROM : Jason E . Brown ✓ Budget Manager DATE : August 15 , 2001 U SUBJECT : General Fund and Municipal Service Taxing Unit ( M .S .T. U .) Millage Reduction and Budget Changes for FY 2001 /02 Description and Conditions On August 14 , 2001 , the Series 2001 Dodgertown Spring Training Facility Revenue Bonds were priced in the market at lower interest rates than previously projected . Due to the lower rates , a smaller contribution of local Half- Cent Sales Taxes is needed to meet the debt service requirements of the bonds . This allows for the distribution of more Half-Cent Sales Tax to the General Fund and M . S . T. U . Fund . Staff has revised the proposed FY 2001 /02 Budget to reflect the reduced debt service costs . This changes the proposed budget from $ 190 , 639 , 160 to $ 190 , 502, 942 . Additionally, the General Fund , M . S . T. U . and aggregate millage rates decline since less ad valorem taxes are required to fund expenditures . The proposed General Fund millage rate is reduced from 4 . 0659 to 4 . 0501 . This rate represents a 1 . 3 % decrease from the current year and an 8 . 7 % increase compared to rolled back . The M . S . T. U . millage rate is reduced from 1 . 5054 to 1 . 4739 , a 2 . 4 % increase over the current year and 9 . 8 % over rolled back . The aggregate millage rate decreases from 6 . 8434 to 6 . 8105 , a 2 . 9 % decrease compared to current year and a 7 . 1 % increase versus rolled back . Staff Recommendation Staff recommends that the Board of Commissioners approve the proposed FY 2001 /02 budget with changes resulting from lower than expected debt service costs . This results in a total proposed budget of $ 190 . 502 , 942 , a $42 , 996 , 294 decrease from the current vear. Staff further recommends approval of the new proposed millage rates for the General Fund (4 . 0501 ) and M . S . T. U . Fund ( 1 . 4739 ) . Attachments Revised Budget Comparison by Fund Revised Taxing District Summary Revised Typical House Revised Debt Service Fund Budget Dodgertown Debt Service Comparison AUGUST 21 , 2001 tPG e 44 - 53 - 7 7 4 j Y f It ' yt t _. n - ..... .s , Jri