Reference No. CR-047-2004    Draft No. 1
Type: Resolution Status: Adopted
Meeting Body County Council
Meeting Date 6/22/2004
Introduced Date 6/22/2004 Public Hearing Date
Effective date: 7/1/2004    
Title: A Resolution adjusting the school facilities surcharge for inflation for Fiscal Year 2005, beginning July 1, 2004, as required by State Law
Proposers/Sponsors: Tony Knotts, David C. Harrington, Thomas E. Dernoga, Peter A. Shapiro, Samuel H. Dean, Camille A. Exum, Douglas J.J. Peters
Code sections: None - None
Attachments: 1. ACTION SUMMARY T2004047, 2. R2004047.pdf
Contact: County Council OMB, Office of Law
Title A Resolution adjusting the school facilities surcharge for inflation for Fiscal Year 2005, beginning July 1, 2004, as required by State Law Background According to Chapter 431 of the Acts of the General Assembly of 2003, House Bill 487, the school facilities surcharge is required to be adjusted for inflation pursuant to the Consumer Price Index for All Urban Consumers, effective in Fiscal Year 2005. The Consumer Price Index for All Urban Consumers, during the period of April 2004 compared to April 2003, shows an inflation rate of 2.3%. Based on an assumption that 2000 permits are issued yearly, the current school facilities surcharge will generate revenues of $22.5 million during Fiscal Year 2004. Due to the Consumer Price Index adjustment of 2.3% as applied in Fiscal Year 2005, the County would receive a net revenue increase of $517,500 from permit surcharge collections.



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