 Financial Moment January 2014. 201120122013 Requested 2013 Approved 2014 Requested 2014 Approved Reduction ‘13 vs. ‘14 General Fund Advertised 9,401,4048,643,0909,327,183.

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Presentation transcript:

 Financial Moment January 2014

Requested 2013 Approved 2014 Requested 2014 Approved Reduction ‘13 vs. ‘14 General Fund Advertised 9,401,4048,643,0909,327,183 9,181,4858,869, , ,226 Debt Service2,361,9192,392,1273,047,4732,996,5633,014,0122,990, ,652-6,203 Retirement Debt 128,375130,549132, , ,488 Capital Projects Advertised 2,082,6282,347,9622,393,4401,251,7732,271,4001,753, ,741501,886 Transportation Advertised 1,415,4181,469,0381,367,6761,283,0171,370,4501,297, ,75214,681 Bus Replacement Advertised 250,00080,000253,000168,93395,00048, , ,601 Advertised Rates Approved Rate Total Advertised Budget 15,639,74415,062,76616,521,03716,061,124 Total Approved Budget (Feb) 13,757,45213,711,823 15,159,73415,088, ,341-70,951

 Governor’s Plan: o Elimination of personal property assessment o Elimination of the 30% valuation floor for personal property  SB (as of 1/14/14): o Cut income taxes to business  HB 1001 (as of 1/14/14): o Tax exemption only on new business o Provide each county authority to grant the exemption or not

Assessed Value Total Assessed Value Business Personal Property Only % of AV from Business Personal Property Only 2013 Pay 2014$464,144,370$17,965, % Budget 2014RateAV BPPOLevy Debt0.5524$17,965,879$99, Capital Projects0.2352$17,965,879$42, Transportation0.2461$17,965,879$44, Bus Replacement0.0099$17,965,879$1, $187,491.91

 Loss of Assessed Value in business personal property would result in: o PTSC advertising a higher rate to generate dollars needed o Increase in tax rates for homeowners, owners of rental properties, and farms o The increase in rate (and continued increase) will push Porter Township closer to the tax caps o This will shift the tax burden due to the tax break in business personal property to homeowners, owners of rental properties, and farmers Without the replacement of revenue any proposal is harmful