2014-2015 LeadershipMountain Brook

Finance

Introduction

Steven Boone, Assistant City Manager/Finance Director

Employed with the City since 1996 Certified Public Accountant MBA from UAB BS with majors in Accounting and

Management

Finance includes . . . Internal control (safeguarding assets) Risk management (property and liability insurance) Cash and investment management Compensation and employee benefits Sales, cash receipts, and collections Expenses and cash disbursements Budgeting (development, monitoring, administration) Capital assets (property, buildings, equipment) and

inventory Debt Equity (accumulated profits, stockholder investments) Financial reporting and analysis Financial forecasts

City of Mountain Brook

Proposed 2015 General FundBudget Summary

September 2014

%

A closer look at real estate taxes

Median home value (2007-2011) $541,700

Assessment factor 10%

Assessed value $54,170

Millage rate 0.099

Total ad valorem tax $5,363

Tax Levied by:

Ad Valorem

TaxMillage

Rate

State of Alabama $352 6.5

Jefferson County $731 13.5

County-wide School Tax $444 8.2

Mtn Brook Schools $2,422 44.7

City of Mtn Brook $1,414 26.1

Total $5,363 99.0

Budgeted for 2015

$13,765,000

Source: U. S. Census Bureau (http://quickfacts.census.gov/qfd/states/01/0151696.html)

Sales Tax

Makes up almost 30% of the City’s total General Fund Revenue

Derived from the sale of merchandise and food

Buy locally so your tax dollars will support your local government and economy

Sales Tax-Continued

Typical retail sale $25.00

Tax rate 9.00%

Tax $2.25 (A)

Total sale $27.25

Tax Rate Typical Sale Aggregate Tax

Sales tax distribution:

State of Alabama 4.00% $ 1.00 $13,112,000

Jefferson County 2.00% $ 0.50 $6,556,000

City of Mountain Brook 3.00% $ 0.75 $9,834,000

Total 9.00% $2.25(A) $29,502,000

Taxable sales $327,800,000

Business License Fees Total license fees budgeted in 2015 - $2,604,000 Paid by all businesses and individuals conducting

business in Mountain Brook Paid annually

Contact information

Steven Boone

boones@mtnbrook.org

Office: 802-3825

Mobile: 937-5662