Madison/Limestone County Education Tax Allocation

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Presentation transcript:

Madison/Limestone County Education Tax Allocation (Fiscal Year 2016) Jason W. Taylor Chief Financial Officer October 1, 2015

Madison & Limestone County Education Taxes Current year allocations have been adjusted to provide for per pupil funding based on County of residence The following was excerpted from an allocation letter submitted by the State Department of Education to Local Taxing Authorities on or about July 29, 2015: The following was excerpted from revised allocation letters submitted by the State Department of Education to Local Taxing Authorities on or about September 29, 2015:

Madison & Limestone County Education Taxes Current year allocations have been adjusted to provide for per pupil funding based on County of residence The following was excerpted from an allocation letter submitted by the State Department of Education to Local Taxing Authorities on or about July 29, 2015: The following was excerpted from revised allocation letters submitted by the State Department of Education to Local Taxing Authorities on or about September 29, 2015:

Madison County Education Tax Reallocation Will result in additional financial resources for Huntsville City Board and Madison County Board students Based on the reallocation of Madison County Education Taxes (sales and ad valorem), which appropriately assigns per pupil funding to each District based on students residing within Madison County; Huntsville City Board will receive ~$580,000 more per year in countywide tax revenues Madison County Board will receive ~$635,000 more per year in countywide tax revenues Madison City will receive ~$1,215,000 less per year in countywide tax revenues (the difference will be recaptured from countywide education taxes collected FBO Limestone County students.

Madison & Limestone County Education Tax Reallocation Will result in additional financial resources for all public school students in Madison County Based on the reallocation of Madison & Limestone County Education Taxes (sales and ad valorem), which appropriately assigns per pupil funding to each District based on students residing within Madison & Limestone Counties; Huntsville City Board will receive an additional $230,000 more per year in countywide tax revenues from Limestone County (resulting in a cumulative total increase of $810,000 per year) Madison County Board will receive ~$635,000 more per year in countywide tax revenues Madison City will receive $2,220,000 more per year in countywide tax revenues from Limestone County (resulting in a net total increase of $1,005,000 per year)