Montgomery County, Va. FY 21 Proposed Budget

Page 104

COMMISSIONER OF THE REVENUE

About

The Commissioner of the Revenue is an elected Constitutional Officer responsible for assessing the fair market value of all property, personal and business, subject to taxation and maintaining real estate ownership records. This division accounts for the costs shared between the County and the State Compensation Board.

Commissioner of the Revenue

The Commissioner of the Revenue Division assesses all tangible personal property in accordance with the Code of Virginia, verifies personal property data filed by taxpayers, calculates assessments and taxes, and issues the personal property tax book annually. It also assists taxpayers with filing state income tax returns.

Highlights • In 2019, more than 3,000 Virginia individual income tax returns and 1,000 estimated tax declarations were received.

Personnel FY 20 Approved FTE

FY 21 Recommended FTE

Change

Commissioner of the Revenue

8

8

0

TOTAL

8

8

0

DEPARTMENT

Base Budget Discussion

The base budget is the estimated minimum cost for providing continued services/operations for each division/ department. It is based on the prior year approved budget with adjustments. This budget shows how much it would cost in the next fiscal year to operate the same programs in the current fiscal year.

• Base Salary and Fringe Benefit Adjustments – For FY 21, the County budget includes an increase in the Virginia Retirement System (VRS) rate from 10.38% to 12.44%, an increase in the group life insurance rate from 1.31% to 1.34%, and a decrease in the long-term disability insurance rate from 0.59% to 0.528%. All other fringe benefits rates remain unchanged.

Addenda & Reductions Discussion Addenda consist of dollars over and above the base budget target for operating and capital outlay expenses. Recommended addenda items are often funding provided for new initiatives or expanded services but may also include normal cost increases. Addenda reductions may reflect reduced revenue and/or expense needed to equalize revenue shortfalls. • No Addenda Added COMMISSIONER OF THE REVENUE : 129


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