FY 2020 Budget

2019 - 2020 Annual Budget

Local Option Sales Tax (L.O.S.T.) Community & Economic Development

Division: Function:

Description of Services:

The Local Option Sales Tax (L.O.S.T.) fund accounts for the distribution of the receipts the city receives from the sales tax. In 2008, residents of the City of Spencer were asked to impose a 1% local sales and service tax on all eligible purchases made within the City of Spencer. The tax was approved and became effective January 1, 1999. In accordance with the ballot language approved by the voters, the revenue generated is spent as follows: * 50% for funding of capital projects as determined by the City Council; * 15% for community and economic develop as determined by the City Council; * 25% allocated to the Spencer Community School District for capital improvements; and * 15% allocated to the Clay County Fair Association for capital improvements.

Budget:

Actual

Actual

Original Budget

Revised Budget

Budget

Expenditures by Category

FY 16-17

FY 17-18

FY 18-19

FY 18-19

FY 19-20

Personnel Maint, Supplies, Services Capital Outlay Transfers

$

-

$

-

$

-

$

-

$

-

690,052

852,378

895,855

895,855

870,013

-

-

-

-

-

1,141,028 1,831,080

904,781

1,108,105 2,003,960

1,105,105 2,000,960

1,006,966 1,876,979

Totals

$

$

1,757,159

$

$

$

$

2,136,346

$

1,924,739

$

2,026,710

$

2,026,710

$

1,923,325

Dedicated Revenues

Expenditures by Category and Dedicated Revenue

$2,500,000

$2,000,000

Transfers Capital Outlay Maint, Supplies, Services Personnel Dedicated Revenues

$1,500,000

$1,000,000

$500,000

$-

Actual FY 16-17

Actual FY 17-18

Budget FY 18-19

138