Board of Directors Regular Meeting Agenda


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Meeting Date: 08/21/2014  

SUBJECT MATTER:
Receive, consider and act upon a Debt Service Excess Tax Collections Report for the period July 1, 2013 through June 30, 2014, as certified by the Montgomery County Tax Assessor and Collector;
FISCAL IMPACT:
Not applicable
BACKGROUND:
On August 22, 2013, the Township Board of Directors adopted the debt service component of the 2013 property tax rate at 2.37 cents per $100 of taxable valuation. As mandated by the Truth-in-Taxation law, the Montgomery County Tax Assessor-Collector certified an estimated debt service collection rate in relation to the Township’s imposition of the debt service tax rate. The estimated collection rate for the period July 1, 2013 through June 30, 2014 was 100%.

Truth-in-Taxation regulations also require the tax assessor to certify any excess tax collections received by the taxing entity based on the prior year estimation referenced above. However, excess collections apply only if the tax assessor certified a collection rate less than 100% and collections exceeded that percent. Since the Township’s debt service collection rate was estimated at 100%, excess collections do not apply.

Attached for the Board’s review is a Debt Service Excess Tax Collections report for the period July 1, 2013 – June 30, 2014 prepared by the Montgomery County Tax Assessor-Collector, J.R. Moore, Jr. This report certifies that there were no excess collections of debt service tax for the Township.
RECOMMENDATION:
Accept the Debt Service Excess Tax Collections report for the period July 1, 2013 through June 30, 2014 as certified by the Montgomery County Tax Assessor-Collector.
Attachments
Debt Service Excess Tax Collections Report


    

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