Title
A Resolution authorizing payment to the Fayette County Agricultural Extension Office in an amount not to exceed $71,000 for an anticipated revenue shortfall in 2015 ad valorem tax revenues. [Dept. of Finance, O'Mara]
Summary
Authorization to approve the issuance of the $71,000 to the Fayette County Agricultural Extension Office as a payment in lieu of taxes. This is to correct the mailing of an incorrect rate and a shortfall in collections for the Fayette County Agricultural Extension Office. The Fayette County Clerk's office will reimburse the city for half of the payment. A budget amendment is in process. (L1480-15)(O'Mara)
Budgetary Implications [select]: Yes
Advance Document Review:
Law: { Select Yes/ Completed by [Attorney Name, Date]}
Risk Management: {No}
Fully Budgeted [select]: Yes
Account Number: 1101-202101-0001-71299
This Fiscal Year Impact: $71,000 (offset by $35,500 revenue)
Annual Impact: $
Project:
Activity:
Budget Reference:
Current Balance: Budget Amendment to follow
Body
WHEREAS, upon the request of the Fayette County Agricultural Extension Office and pursuant to Ordinance No. 95-2015 its ad valorem tax rate on all taxable real property was levied at the rate of $.0035 on each $100 of assessed valuation; and
WHEREAS, the ad valorem tax bills which were produced and mailed for this tax year contained a clerical error under which the ad valorem tax rate for all taxable real property for the Fayette County Agricultural Extension Office was $.0032 on each $100 of assessed valuation, which will result in an estimated revenue shortfall of $71,000.00 to the Extension Office; and
WHEREAS, the administrative costs related to producing and mailing corrected ad valorem tax bills relative to the amount of additional taxes owed by effected real property owners does not warrant producing and mailing corrected ad valorem tax bills as an appropriate course of action; and
WHEREAS, the Lexington-Fayette Urba...
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