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Council amends 2026 budget to create special revenue fund for floating LOST receipts
Summary
Council approved a 2026 budget amendment to establish a special revenue fund to hold floating local option sales tax (LOST) receipts, pending adoption of the millage rate and further guidance from the Georgia Department of Community Affairs and Georgia Municipal Association.
The Newman City Council unanimously approved an ordinance amendment to create a special revenue fund to receive floating local option sales tax (LOST) receipts.
Finance staff (speaker 16) explained the action followed direction from the Georgia Department of Community Affairs (DCA). The city has received two initial LOST receipts (January and February) that staff are holding in the new fund rather than transferring them to the general fund until the council adopts a millage rate and receives additional direction from the Georgia Municipal Association (GMA) or DCA on allowable transfers.
The city manager confirmed the recommendation and offered to return with any additional guidance; the council voted without opposition to create the fund and approve the budget amendment.
Staff emphasized the amendment is procedural to comply with state guidance and does not immediately change spending authority; staff will update the council if and when the state provides direction allowing transfers to the general fund.
