The City of Griffin Board of Commissioners is scheduled to vote on four items totaling more than $10 million, Tuesday night.
The board will consider a new split with the county on the Local Option Sales Tax revenue. The proposal, brokered by the city and county’s managers, attorneys and financial staff, and approved 3-2 last week by the county commissioners, would change the split on LOST proceeds to 59.5 percent for the county and 40.5 percent for the city for the next 10 years beginning Jan. 1.
This is a change of half a percent or about $40,000 less for the county than the current 60/40 split agreed to more than 10 years ago, The LOST funds are used to offset property taxes, unlike the SPLOST, which has designated projects.
The board will also consider authorizing the issuance of $866,397 principal amount of tax allocation bonds for the new Kroger. This would be a reduction of what was initially considered, as the estimated value of the property has gone down, Kroger told the city last month.
The city commissioners will also consider a resolution to transfer financial assets in the amount of $5,000,000 to Morgan Stanley Smith Barney to be managed by Sean Cain, from the MEAG Municipal Competitive Trust Short-Term Portfolio Flexible Operating Account.
There are also budget amendments for the just past and current fiscal years in the amount of $4,010,500 for the rollover fiscal year 2012 projects that will be completed in fiscal year 2013.
The board is has the Strongest Link Award, two 25 year service awards, financial reporting awards and a proclamation, as the county did last week, declaring Aug. 15 as Southside Riders Association Day.