2014-2015 Leadership Mountain Brook Finance. Introduction Steven Boone, Assistant City Manager/Finance Director Employed with the City since 1996 Certified.

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Presentation transcript:

Leadership Mountain Brook Finance

Introduction Steven Boone, Assistant City Manager/Finance Director Employed with the City since 1996 Certified Public Accountant MBA from UAB BS with majors in Accounting and Management

Finance includes... Internal control (safeguarding assets) Risk management (property and liability insurance) Cash and investment management Compensation and employee benefits Sales, cash receipts, and collections Expenses and cash disbursements Budgeting (development, monitoring, administration) Capital assets (property, buildings, equipment) and inventory Debt Equity (accumulated profits, stockholder investments) Financial reporting and analysis Financial forecasts

City of Mountain Brook Proposed 2015 General Fund Budget Summary September 2014

%

A closer look at real estate taxes Median home value ( )$541,700 Assessment factor10% Assessed value$54,170 Millage rate0.099 Total ad valorem tax$5,363 Tax Levied by: Ad Valorem Tax Millage Rate State of Alabama$ Jefferson County$ County-wide School Tax$ Mtn Brook Schools$2, City of Mtn Brook$1, Total$5, Budgeted for 2015 $13,765,000 Source: U. S. Census Bureau (

Sales Tax Makes up almost 30% of the City’s total General Fund Revenue Derived from the sale of merchandise and food Buy locally so your tax dollars will support your local government and economy

Sales Tax-Continued Typical retail sale$25.00 Tax rate9.00% Tax$2.25(A) Total sale$27.25 Tax RateTypical SaleAggregate Tax Sales tax distribution: State of Alabama4.00% $ 1.00$13,112,000 Jefferson County2.00% $ 0.50$6,556,000 City of Mountain Brook3.00% $ 0.75$9,834,000 Total9.00%$2.25(A)$29,502,000 Taxable sales $327,800,000

Business License Fees Total license fees budgeted in $2,604,000 Paid by all businesses and individuals conducting business in Mountain Brook Paid annually

Contact information Steven Boone Office: Mobile: