2015 -2016 Leadership Mountain Brook Finance
Introduction n n 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. . . n n n 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 2016 General Fund Budget Summary September 2015
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Real Estate Taxes Median home value (2007 -2011) Assessment factor Assessed value Millage rate Total ad valorem tax $541, 700 Source: U. S. Census Bureau (http: //quickfacts. census. gov/qfd/states/01/0151696. html) 10% $54, 170 0. 099 $5, 363 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 $5, 363 99. 0 Tax Levied by: Total Budgeted for 2016 $14, 310, 000
Sales Tax n n n 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 Total sale $2. 25 (A) $27. 25 Tax Rate Typical Sale Aggregate Tax Sales tax distribution: State of Alabama 4. 00% $ 1. 00 $14, 179, 000 Jefferson County 2. 00% $ 0. 50 $7, 089, 000 City of Mountain Brook 3. 00% $ 0. 75 $10, 634, 000 Total 9. 00% $2. 25(A) $31. 902. 000 Taxable sales $354, 500, 000
Business License Fees n n n Total license fees budgeted in 2016 - $2, 767, 000 Paid by all businesses and individuals conducting business in Mountain Brook Paid annually
Contact information n Steven Boone n boones@mtnbrook. org n Office: 802 -3825 n Mobile: 937 -5662
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