2013 Budget Worksession August 21, 2012 AGENDA NEW BUSINESS Final State Budget and Funding Impact.
State Fiscal Impact on Cities State Local Government Aid annual payments have decreased $40 million from 2003-2012. The total State tax annual revenues over this time increased 31.3% or about $4.5 billion. The City of Marshall will receive about $2.1 million in State LGA in 2012. Whereas, the State received about $19.9 million in sales and use taxes (2010) that were generated within the City of Marshall. In 2011, the State eliminated the Market Value Credit Program, eliminating their $260 million property tax relief funding, and instead replaced it by shifting the tax burden primarily to commerical/industrial properties with impacts in taxes payable 2012.
2013 Budget Preparation LGA LGA 2012 Certified = $2,110,608 LGA 2013 Certified = $2,110,608 LGA is underfunded and needs to be increased in State funding. LGA Formula Review…Again. Local government needs an alternative to property taxes in funding. If the State is unable to provide funding then providing