7-21-18. Computation of amount to be raised by property tax.

185 words·~1 min read·/sd/title-7/chapter-7-21/7-21-18

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

Before October first in each fiscal year and after the annual budget for the following fiscal year has been approved and adopted, the board shall compute and determine:

(1)The total amount of all appropriations contained in the budget for the next fiscal year, and payable out of each particular fund;

(2)The total amount of revenue, except taxes on real property, likely to be received by each particular fund during the next fiscal year from all sources which includes the unobligated fund balance of each particular fund and excludes amounts authorized by law to be held in reserve;

(3)The difference between the total amount determined in subdivision

(2)above, and the total amount determined in subdivision

(1)above, and to the amount of such difference for each particular fund shall be added an amount equal to five percent of the total amount of all appropriations payable out of such fund during the next fiscal year and the total of such two amounts shall be the amount necessary to be raised for such fund during the next fiscal year by taxes on real property.