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2014-2015 Leadership Mountain Brook Finance

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

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Title: 2014-2015 Leadership Mountain Brook Finance


1
2014-2015 LeadershipMountain BrookFinance
2
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

3
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

4
City of Mountain Brook
  • Proposed 2015 General Fund
  • Budget Summary
  • September 2014

5

6

7


8
A closer look at real estate taxes
Median home value (2007-2011) 541,700
Assessment factor 10
Assessed value 54,170
Millage rate 0.099
Total ad valorem tax 5,363
Source U. S. Census Bureau (http//quickfacts.ce
nsus.gov/qfd/states/01/0151696.html)

Tax Levied by Ad Valorem Tax Millage Rate
State of Alabama 352 6.5
Jefferson County 731 13.5
County-wide School Tax 444 8.2
Mtn Brook Schools 2,422 44.7
City of Mtn Brook 1,414 26.1
Total 5,363 99.0
Budgeted for 2015 13,765,000
9
Sales Tax
  • Makes up almost 30 of the Citys 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

10
Sales Tax-Continued
Typical retail sale 25.00
Tax rate 9.00
Tax 2.25 (A)
Total sale 27.25

Tax Rate Typical Sale Aggregate Tax
Sales tax distribution Sales tax distribution
State of Alabama 4.00 1.00 13,112,000
Jefferson County 2.00 0.50 6,556,000
City of Mountain Brook 3.00 0.75 9,834,000
Total 9.00 2.25(A) 29,502,000
Taxable sales 327,800,000
11
Business License Fees
  • Total license fees budgeted in 2015 - 2,604,000
  • Paid by all businesses and individuals conducting
    business in Mountain Brook
  • Paid annually

12
Contact information
  • Steven Boone
  • boones_at_mtnbrook.org
  • Office 802-3825
  • Mobile 937-5662
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