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Staff explain tax‑cap mechanics, year‑end lapses and the general project fund
5556031 · July 26, 2025
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Summary
Budget staff walked members through the municipal tax‑cap calculation, which revenues count toward the cap, and how unspent appropriations can be preserved using the general project fund (fund 1,900).
Budget staff and the OMB director reviewed the tax‑cap calculation, the basket of revenues that feed it, and common year‑end practices to preserve funds for multi‑year projects.
OMB staff summarized the taxes included in the tax cap (real and personal property taxes; automobile tax; tobacco tax; motor vehicle rental tax; fuel excise tax; payments in lieu of…
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