VOL. 133 | NO. 60 | Friday, March 23, 2018
Shelby County Expects $18M-$25M Revenue Surplus
By Bill Dries
Shelby County government expects to have a revenue surplus of $18 million to $25 million at the end of the current fiscal year, county chief administrative officer Harvey Kennedy told county commissioners Friday, March 23.
“The unexpected revenue surplus is largely the result of fewer appeals of property tax assessments than anticipated following the reappraisal conducted last year by the Assessor of Property,” Kennedy said in the written message, citing a 40 percent drop in appeals from prior reappraisal years and a collection rate by the county trustee’s office of about 1 percent more than expected.
The appeals figures in particular were what the administration of county mayor Mark Luttrell had been awaiting since talking to commissioners last month in preliminary discussions before the beginning of the county’s budget season.
In the Friday email to commissioners, Kennedy puts collections by the trustee at $765 million with three months left in the fiscal year for a budget of $779 million. The county administration’s estimate is that the county will take in 2.5 percent more in revenue than the county budget total.
The projected surplus is expected to affect the nature of county budget deliberations as it has in past budget sessions where revenue collections were more than expected.