Stung like other Fulton County jurisdictions by the county’s delay in sending out last year’s property tax bills, the Milton City Council has approved on first presentation a change in the way the city accounts for the tax revenues.
“Instead of collecting these revenues at the end of the fiscal year, we are proposing to recognize them at the beginning of the next fiscal year,” Assistant City Manager Stacey Inglis said in a memo to the mayor and council.
“For instance, 2017 property taxes would become fiscal year 2018 revenues, and 2018 property taxes would be fiscal year 2019 revenues, and so forth.” Inglis said. The change, she said, “would mitigate future risk of this (late tax digest) happening again.”
“To make this transition, we will need to dip into the fund balance for one year, reprioritize our 2017 and 2018 capital improvement projects, delay a few M&O (maintenance and operations) initiatives, and then steadily rebuild the fund balance during the FY 2018 budget cycle.”
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