Form Lb-1 Sample - Notice Of Budget Hearing (Page 3 of 4) in pdf

The “property taxes” category includes only ad va-

In the columns labeled “July 1 Approved Budget

lorem taxes for the budgeted year. The other category

Year,” enter the amounts expected to be outstand-

includes all other types of resources including grants,

ing or authorized on July 1, 2001. Debt authorized

gifts, and prior years’ taxes to be received in the bud-

but not incurred usually refers to general obligation

geted year. Only line 10 on Form LB-1 and Form LB-

bonded debt that has been voter-approved, but the

3 deals with “other resources except property taxes.”

bonds have not been sold.

The remaining lines deal with property tax amounts.

Short-term debt. This part is generally used to record

Some of these are explained in the following:

authorized “tax anticipation notes.” These provide

Total property taxes. This is the amount of prop-

funds between the start of the budgeted fiscal year and

erty tax revenue approved by the budget commit-

the receipt of the first tax moneys in November.

tee as part of the budget resources.

Publishing

Estimated property taxes not to be received.

This is split into two separate categories. The loss

Taxing districts must notify the public by publish-

due to constitutional limits is the amount estimated

ing the required forms not less than 5 nor more than

by the district that will be lost when the assessor

30 days before the scheduled budget hearing. See

reduces property taxes on each account to fit un-

page 1 for the definition of “publication.”

der the general government limit. The second part

is the amount estimated for those who won’t pay

Posting

their taxes and discounts granted for timely pay-

If no newspaper is published in the district and the

ments. See page 16 of this booklet for a list, by

total anticipated requirements (on line 9 of Form LB-

county, of the percentage of taxes collected after

1) will not exceed $50,000, the forms may be posted

discounts and uncollectables. The amount of loss

in three conspicuous places for at least 20 days be-

due to constitutional limits is entered on line 14A.

fore the scheduled budget hearing instead of pub-

The second part is entered on line 14B.

lishing them.

Total tax levy. This is the total amount of all ad

valorem taxes that the district is planning to levy.

If the notice is posted instead of being published, a

The budget committee must approve this

second notice is required. The second notice must

amount, or the tax rate estimated to be neces-

be published by one of the three methods, not less

sary to raise this amount.

than 5 nor more than 30 days before the hearing.

You may use the “Second Notice of Budget Hear-

Form LB-1—Notice of budget hearing

ing” form included in this booklet.

Form LB-1 contains information in addition to finan-

cial summary of fund resources and expenditures.

Submission to Department of Revenue

Notice of budget hearing. This notice tells the

If you are not imposing a property tax, submit the

public when and where the public hearing will take

following to the department by July 15: The resolu-

place. It also states where copies of the budget are

tion statements adopting the budget and making

located and provides other information.

appropriations. Send to: Property Tax Division, Ore-

Statement of accounting basis. The notice tells the

gon Department of Revenue, PO Box 14380, Salem

public if the basis of accounting for the budget year is

OR 97309-5075.

consistent with the basis of accounting used in the pre-

ceding year. If major changes have been made, a nar-

For more information

rative description of the changes and their effects on

the budget should be included with the publication.

To order specific budget detail sheets, call 503-945-8293

or you can download them from Revenue’s Web site

Statement of indebtedness. This section summa-

at:

rizes the district’s authorized and outstanding debt.

The first section is for long-term debt. The second

If you need help with these forms, refer to the Lo-

is for short-term debt.

cal Budgeting Manual provided by the Department

Long-term debt. This part offers information about

of Revenue. If you still need help, contact your

county assessor or the Department of Revenue, tele-

debt outstanding and debt authorized but not yet

incurred. This section should detail debt estimates

phone 503-945-8293. Our e-mail address is:

only as of the beginning of the fiscal year.

finance.taxation@state.or.us.

Form Lb-1 Sample - Notice Of Budget Hearing Page 3

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