| For immediate release July 31, 2008 |
For additional information: Gary Woodward 462-6256 |
Franklin County Auditor Joe Testa has declared another surplus in the auditor's Real Estate Assessment Fund (REAF). This surplus declaration, in the amount of $5.79 million, will result in unplanned revenue for local government agencies and schools.
The Real Estate Assessment Fund represents a portion of property tax collections to be used exclusively by the auditor for real estate appraisal related purposes. Funds that are declared a surplus by the auditor can be saved for future use or distributed to the local governmental agencies and schools, proportionate to their tax collection. The surplus revenue is being deposited into the recipient's bank accounts tomorrow, August 1 st .
“In this challenging economic climate, these valuable tax dollars will be crucial to our local communities,” said Testa. “I'm pleased to be able to help by making these funds available for books, computers and other services to seniors, children and those with special needs.
Local school districts are receiving approximately $3.8 million of this surplus revenue, Testa said. Municipalities $348,227; townships $266,048 and Franklin County agencies, including MRDD, Franklin County Children Services and the County Commissioners , receive $1.28 million. Libraries and special districts such as parks districts receive the remainder of the surplus revenue.
Testa has now declared a surplus in this fund eight times during his administration, producing $27.35 million dollars in additional revenue for local services.
A breakdown of the surplus declaration by government entity is listed on the Auditor's Web site at www.franklincountyauditor.com