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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 Accountant MBA from UAB BS with majors in Accounting and Management. Finance includes. Internal control (safeguarding assets) - PowerPoint PPT Presentation
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2014-2015 LeadershipMountain 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 FundBudget Summary
September 2014
%
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
Tax Levied by:
Ad Valorem
TaxMillage
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
Source: U. S. Census Bureau (http://quickfacts.census.gov/qfd/states/01/0151696.html)
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 rate 9.00%
Tax $2.25 (A)
Total sale $27.25
Tax Rate Typical Sale Aggregate Tax
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
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
