Friday, July 25, 2014

American-Democrat Reports Franklin County Considers Increase in Cumulative Capital Development Fund Rate

From the Brookville American-Democrat:

Franklin County Council member Rebecca Oglesby told commissioners the consultant council hired found a way to increase the county coffers by $200,000 and neither hurt the other funds nor increase taxes.
Commissioners were happy at the news but did not understand how that could happen.
Oglesby said she did not know but was relying on the consultant. That led to a call off Oglesby’s cell phone placed on speaker mode during the commissioners’ meeting Monday, July 21.
According to Oglesby, the state was lowering the county’s Cumulative Capital Development Fund rate each year. In 2013, the rate was 0.1518, and that was decreased to 0.151 in 2014.
With this action, the CCDF will increase to 0.333.
CCDF is outside the levy, Oglesby and commission president Tom Wilson said.
According to the consultant through Oglesby, the county’s assessed values will increase by 5 percent each of the next two years.
But she said the taxpayers will still have a lower overall tax rate.
“That’s why I wanted a consultant because it’s confusing,” Oglesby said after the commissioners said it was confusing. “The whole workings are beyond my expertise.”
Commissioners will vote on passing a resolution to set the CCDF at 0.333 at their next meeting.