Board set to approve 2022 county millage rate
News July 19, 2022
FORSYTH COUNTY, Ga. — Forsyth County Commissioners are expected to adopt the FY 2022 millage rate Thursday at 6:30 pm, the regular Board of Commissioners meeting will begin at 5 pm.
The county’s proposed rate is 7.896 mils, the same as last year. The proposed budget is $186,100,000, a 13.4 percent increase over last year’s adopted budget.
CFO Marcus Turk
CFO Marcus Turk said he anticipates 2023 revenue of $186,100,000 and expenditures of $180,566,670, with $5,533,330 available to be added to the county fund balance.
The tax digest that was finalized on May 26 showed a total increase from $16.7 billion last year to $20.38 billion this year.
But the county’s millage rate tells only a small part of the story. The school system has approved a millage rate more than double the the county’s at 18.718 mils, including bond pay back. Total millage rate for residents of Forsyth County is 27.614 mils.
Only one person spoke out against the county’s millage rate during the last public hearing. Steven Schroeder, a resident of Vickery Village, said, “The millage rate should be discounted by 10-12 percent due to the exorbitant amount of assessed value that has been imposed by the (Tax) Assessor’s Office.”
Schroeder added, ” I know personally of 21 property owners in my community of Vickery Village that have filed appeals because their assessed value has been overstated.”
Commissioners will get their pay increase — in 2023
Featured Stories February 19, 2022
FORSYTH COUNTY, Ga. – It’s been six years since the Board of Commissioner received so much as a cost of living allowance (COLA) increase in their paycheck. That all changed Thursday when they voted themselves an annual increase of approximately $8,000.
But they will have to wait a little longer to enjoy it. It won’t kick in until January 2023. The commissioners’ pay will go from $34,976 to $43,125 while the Chairman’s pay will increase from $36,747 to $45,407.
The Board also approved a resolution that authorizes the execution of documents related to the issuance of the 2022 Forsyth County Water and Sewerage Authority’s Revenue Bonds. Chief Financial Officer Marcus Turk said refinancing the bonds is still a viable because the net present savings as a percentage of bond is 6.8 percent and could result in a savings of approximately $8.2 million for the County.
But he added, “Given the high probability of the start of a series of federal funds rate increases next month that could possibly drive the 10-year treasury yield higher, I believe it is necessary to proceed with the refunding now.”
The Board also approved a minor procedural change to the public comment portion of the meeting. In the past, those wishing to speak had to submit a sign-up sheet not “more” than five minutes prior to the start of the meeting. That has been changed to not “less” than five minutes prior to the start of the meeting.
Forsyth County receives highest bond ratings from major rating agencies
News February 12, 2022
FORSYTH COUNTY, Ga. – When Forsyth County Water and Sewer Authority issues $94.7 million in bonds this quarter for Water & Sewer systems improvements. The County’s excellent credit ratings will make the bonds more attractive to potential investors.
CFO Marcus Turk
Two of the nation’s major credit agencies affirmed Forsyth County’s perfect bond rating this week with a AAA rating from S&P and a Aaa rating from Moody’s. This follows a AAA rating from Fitch, the third primary credit rating agency, in September 2021.
With this recognition, the County has now affirmed the highest possible bond ratings it received in 2019, and the resulting lowest cost of borrowing, from all three major U.S. bond rating services. It also becomes one of only a handful of counties in Georgia to receive this designation.
“Forsyth County’s perfect bond rating is a testament to our strong local economy, diverse tax base and responsible financial management,” said County Manager Kevin Tanner. “Congratulations to Chief Financial Officer Marcus Turk and the finance staff on this outstanding achievement.”
In its announcement of Forsyth County’s bond rating, Moody’s noted, “The stable outlook reflects the likelihood that the county’s financial position will remain strong, supported by growth in the county’s large tax base, given the county’s proximity to Atlanta.”
County Commissioners hold second public hearing on 2022 proposed budget of $164 million
Featured Stories July 9, 2021
CFO Marcus Turk
FORSYTH COUNTY, Ga. — Chief Financial Officer Marcus Turk presented the proposed 2022 budget at a second public hearing before the Board of Commissioners. Thursday (July 9). Commissioners can adopt the budget following the third public hearing set for July 22.
The overall millage rate has tentatively been set at 7.896. The overall rate is comprised of the Maintenance and Operation rate (4.791), Fire Fund (2.175) and Bonds (9.30).
The General Fund revenue is projected to be $163,966,724 with expenditures expected to total $158,772,324 which will leave approximately $5.2 million to be added to the contingency fund. The tax digest is expected to increase by about 4.54 from one year ago.
The Forsyth County School System Maintenance and Operation millage rate has been tentatively set at 17.300 and School Bonds millage rate at 2.418.
No one spoke in favor of or in opposition to the proposed budget.
County will advertise millage rate of 27.614
News June 9, 2021
CFO Marcus Turk
FORSYTH COUNTY, Ga. — During Tuesday’s work session, the Board of Commissioners unanimously approved Chief Financial Officer Marcus Turk’s request to advertise a tentative millage rate for the FY 2021 budget.
The overall millage rate is tentatively 27.614 mils, 19.718 mils for the Forsyth County School System and 7.896 for the county. The FY 2020 millage rate was 27.654.
The proposed budget anticipates $163, 966,724 in general fund revenue, an increase of approximately 8 percent over last year, and $158,772,324 in expenditures, with $5,194,400 available to add to the contingency.
Turk projected a 3 percent increase in real and personal property taxes for the purpose of the millage rate authorization request.
The Fire Fund revenue is projected at$30,499,644 with expenditures anticipated at$29,486,265.
County Manager Kevin Tanner said, “Because of the conservative nature of Forsyth County the last several years, not only has your millage rate remained but you also have a plan in place to build the new administrative facility and purchase property and pay cash. No bonds. No SPOST funds. Cash. Very few counties in the country are managed as well as Forsyth County has been.”