Revised 9/2008
D:\Docstoc\Working\pdf\9e54ef12-a893-486e-93fc-c4f6e2945ca2.xls110% Worksheet 11/26/2008
Sample County 110% Cap Documentation FYE 9/30/08
Prepared by: Date:
First Test
Fund # List funds that are authorized by:
Realty X Mississippi Code 27-39-305 151/155 161/165 Road Maintenance(27-39-305) Bridge & Culvert(27-39-305) 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 A 0 A 0 A 0 0 A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 A 0 A 0 A 0 0 A 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Second Test
% New Growth for Current Year Levy (Mills) Valuation Y
1 Mill = .001
Total Current
Prior Year Collections Ad Valorem Homestead
Auto X
Mobile Home
Trust ** 1 Miscellaneous X Prior Year Collections X Amounts Prior Year
Base For Current Year Realty A
Current Year Collections Ad Valorem Homestead
Auto A
Mobile Home
Amount of ** 1 Miscellaneous A
Current Year
Amount of Increase (Decrease)
% Increase (Decrease)
X
Exemption X
A
Exemption A
Collections A
Increase (Decrease)
Increase (Decrease)
Dollars
Prior Year Collections
Less New Growth
Y
0 0 0 0 0
0 0 0 0 0
Total for Code 27-39-305 Mississippi Code 27-39-320 002 690 691 One Mill Tax Levy(27-39-329) Co-Lin Junior college/maint (37-29-141) Co-Lin Junior college/imp (37-29-141) Total for Code 27-39-320 Mississippi Code 27-39-321 001 106 697 General County(27-39-303) Volunteer Fire(83-1-39) Pearl River Basin Development(51-11-31)
0 0 0 0
0 0 0 0
0 0 0 0 0 0 0 0
0 0 0 0 0 0 0 0
Total for Code 27-39-321
TOTAL AGGREGATE RECEIPTS ^ ** 1 Miscellaneous Category; MS Code 27-39-305: 1. Proceeds from notes issued under 27-39-333 to offset Hurricane Katrina Indebtedness 2. Proceeds from Rental Car Tax imposed in 27-65-231 MS Code 27-39-320: 1. Proceeds from notes issued under 27-39-333 to offset Hurricane Katrina Indebtedness
0 ^
0 ^
0 ^
0
0 ^
0
0 ^
0 ^
0 ^
0 ^
0 ^
0
0 ^
0 ^
0
0
0
0
0
Miscellaneous Category cont. MS Code 27-39-321: 1. Additional tax on Rental Vehicles levied under 27-65-231 2. Shore and Beach Preservation District under 49-28-27 3. T.V.A. payments in lieu of taxes not used for capital improvements per 27-39-305 4. Proceeds from notes issued under 27-39-333 to offset Hurricane Katrina Indebtedness
NOTES FOR THE PREPARATION OF THE 110% CAP
Note 1. Take the highest total of receipts from one (1) of the immediately preceding three (3) years. Use this as your base year. Then the levy cannot exceed 110% of that amount. (It will usually be prior year collections in most counties.) Copy the Tax Levy that is appropriate for the year you are auditing. Look at each authorized levy and be sure that it is included in the appropriate section on the 110% workpaper or that it is excluded according to the appropriate MS Code sections. Enter the current total receipts for the fund/funds that fall under MS Code 27-39-305. This applies to the Countywide levy for construction and maintenance of roads and bridges. The total receipts will also include: (1.) Homestead Reimbursement (2.) Proceeds from notes issued to offset Hurricane Katrina Indebtedness and (3.) Proceeds from Rental Car Tax. You can add them under the Miscellaneous column on the 110% worksheet. The total receipts for MS Code 27-39-305, will NOT include additional revenue from ad valorem tax on any newly constructed properties or any existing properties added to the tax rolls or any properties previously exempt, which were not assessed in the prior year (New Growth) Enter the current total receipts for the fund/funds that fall under MS Code 27-39-320. This will apply to the Mandatory tax levied in MS Code 27-39329(Special One Mill) and will include Proceeds from notes issued to offset Hurricane Katrina Indebtedness. Maintenance and Support of Junior Colleges will also fall under MS Code 27-39-320. MS Code 2739-320 will NOT apply to ad valorem imposed on Railroad Authorities and the portion of the levy for Junior Colleges under MS Code 37-29-103 that is pledged for and used to repay debt. Total receipts included for MS Code 27-39-320, will also include homestead reimbursement and revenues collected from the property owner. Revenues from newly constructed properties or existing properties added to the rolls or properties previously exempt which were not assessed in the prior year may be EXCLUDED from this limitation. All funds that fall under MS Code 27-39-320 will be looked at on a individual basis to determine if they exceed the CAP. Enter the current total receipts for the fund/funds that fall under MS Code 27-39-321. This will apply to all funds that are not levied under the MS Code 27-39-305 and MS Code 27-39-320. This will be a "catch all" for the remaining funds. As a "rule of thumb" IF a Levy is NOT specifically exempted, then it IS included in this section for purposes of the 110% CAP. Revenues from newly constructed properties or existing properties added to the rolls or properties previously exempt which were not assessed in the prior year may be EXCLUDED from this limitation.
Note 2.
Note 3.
Note 4.
Note 5.
Note 6.
MS Code 27-39-321, also applies to: (1)Garbage Collection and Disposal Levy, (2)The portion of the Economic Development District levy that is paid to General Fund (3) The Water/Sewer/Garbage/Fire Protection Dist. (4) Proceeds from notes issued to offset Hurricane Katrina Indebtness (5) Rental Vehicle Tax (6) Shore and Beach Preservation District (commonly known as Seawall Tax) (7) Pearl River Basin Development District levied under MS Code 51-11-31 (8) T.V.A. payments in lieu of taxes not used for capital improvements per MS Code 27-39-305. MS Code 27-39-321 DOES NOT apply to County Cooperative Service District (2) Railroad Authority tax (3) Assessment of Railroads and other Public Service Corps. under MS Code 27-35-309 (4) T.V.A. payments in lieu of taxes used for Capital Improvements under MS Code 27-39-305 (5) Levy to offset Reappraisal Cost under MS Code 27-39-325 (6) Tax receipts used to pay Junior College loans pledged under MS Code 37-29-103 (7) County Library under MS Code 39-3-5 (8) Countywide levy for roads and bridges under MS Code 27-39-305 (9) Mandatory levies to which MS Code 27-39-320 apply (10) Mandatory Levy under MS Code 27-39-329. If the combined levy increases under MS Code 27-39-305, 27-39-320, and 27-39-321 do not exceed the allowed 10% increase then no further testing is needed. If the combined levy exceeds the 10% increase limitation, each of the three (3) Levies need to be tested individually to determine which one exceeds the 10% increase limitation.
Note 7.
Note 8.
Except for MS Code Section 27-39-320, the 10% increased limitation may be increased by an additional amount where the board of supervisors has determined the need for additional revenues and has held an election on the question of raising the limitation.
Note 9.
Under MS Code 27-39-321, taxes levied for school district purposes under any statute and taxes levied for the maintenance and/or construction of roads and bridges under MS Code 27-39-305 shall be excluded from the 10% increase limitation. Taxes levied for payment of principal and interest on general obligation bonds issued shall be excluded from the 10% increase limitation.
Note 10.
As an alternative under MS Code 27-39-321, the governing authority may, without an election, increase the ad valorem tax by the greater of: (1). An ad valorem tax levy that does not result in an aggregate levy in excess of 20 mills. (2). An ad valorem tax levy that is not in excess of any aggregate levy in any one (1) of the previous ten (10) fiscal years.