DEPARTMENT
Finance
REQUESTED ACTION (Identify appropriate Action or Motion, purpose, cost, timeframe, etc.)
title
Request approval of a Resolution of the Fulton County Board of Commissioners establishing a reserve account designated for the Jail Bridging Plan and replacement Jail construction costs using overruns above the $636.4 million expected to be generated from a 96% collection rate of current year property taxes; and for other purposes. (HELD ON 8/2/23) (HELD)
body
REQUIREMENT FOR BOARD ACTION (Cite specific Board policy, statute or code requirement)
Recommend approval
STRATEGIC PRIORITY AREA RELATED TO THIS ITEM (If yes, note strategic priority area below)
Justice and Safety
COMMISSION DISTRICTS AFFECTED
All Districts ?
District 1 ?
District 2 ?
District 3 ?
District 4 ?
District 5 ?
District 6 ?
IS THIS A PURCHASING ITEM?
No
SUMMARY & BACKGROUND (First sentence includes Agency recommendation. Provide an executive summary of the action that gives an overview of the relevant details for the item.)
Scope of Work: The attached resolution is prepared to request the Board of Commissioners' approval on establishing a designated account within General Fund that will be used to reserve any excess revenue up to $40 Million generated from FY2023 current property tax billings anticipated from a 96% collection rate, assuming the estimated appeals amount is at the same level as in FY2022. Funds in this reserve account will be used to cover expenses pertaining to the jail bridging plan and replacement jail design/construction. The final amount that will be available for transfer to the designated account will depend on the final millage rate approved by the Board of Commissioners (BOC) on August 16. Approval of this resolution will ensure that up to $40 Million in excess current property tax revenue at the assumed collection rate will be committed to these jail facility needs.
Community Impact:
Department Recommendation: Recommend approval
Project Impli...
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