Settlement Overview. Settlement Overview COUNTY AUDITORS FALL 2010 CONFERENCE. Settlement Overview and Miscellaneous Topics

Transcription

1 COUNTY AUDITORS FALL 2010 CONFERENCE and Miscellaneous Topics Dan Bastin, CPA Settlement Director Auditor of State 1 Instructions are on the Auditor of State s website The instructions can be found on the website by first selecting Departments Then select Settlements t PLEASE READ INSTRUCTIONS 2 The electronic documents that have been ed to all counties are: Settlement Sheet, Form TC Treasurer s Certificate of Tax Collections 17TC Certificate of Tax Refunds 17HC Omitted Homestead and Res PTRC Summary Worksheet Certificate of Error Summary State and Local HSC and Residential PTRC Reconciliation Worksheet State and Local PTRC Reconciliation Worksheet Report of Settlement of Property Tax Replacement Credit and Homestead Credit Form 105A 3 1

2 Settlement Worksheets continued Excise Tax Allocation Worksheet 2008 & Prior Del Tax Worksheet Quietus Worksheet Fines & Fees Report Form Treasurer/Auditor Excise Tax Recon Worksheet County Checklist Office Information sheet When Settlement is filed must use worksheets we ed 4 All counties must include HEA 1001 Homestead Credit amount in the December Settlement Counties with local property tax credits must include the abstract amount less the amount included in the June Settlement COIT HSC LOIT (CAGIT or COIT) PTRC LOIT (CAGIT or COIT) HSC And/or LOIT (CAGIT or COIT) Qualified Residential PTRC 5 100% of CEDIT will only be included if there was no June Settlement Any December Settlements filed that do not include the appropriate amount of property tax credit dollars will be rejected and must be corrected and resubmitted for approval. 6 2

3 Counties with circuit breaker credit exempt funds must use, where applicable, Property Tax Rates Adjusted for Circuit Breaker Credit Exempt Funds to distribute property tax LOIT Operating Levy Freeze counties must use DLGF equivalency rates plus DLGF certified property tax rates to distribute excise tax 7 The 2008 & Prior Del Tax Deduction continues with this settlement and will continue as long as there are 2008 & prior delinquent tax collections Must use the current worksheet we ed your county The Excise Tax Allocation Deductions continue and will continue at each settlement Must use the current worksheet we ed your county 8 Excise Tax December Settlement Excise Tax cut-off date Use the normal cut-off date regardless of when December Settlement is done For most counties the December Settlement cut-off date is the end of October Counties who have adopted Operating Levy Freeze LOIT must add the LOIT Equivalency Rate provided by DLGF to the certified property tax rate to get the rates to use to calculate excise tax distributions. 9 3

4 Tax Refunds Are required to be deducted in the December Settlement But only the refunds that were not deducted in the June Settlement LOIT PTRC and Homestead Credits will need to be broken down by type of credit on the 17TC as applicable A County checklist is available. Please use the checklist to verify data prior to submitting settlement 10 Deadline to settle with taxing units 51 days after tax due date to settle without payment of interest to taxing units If interest is due, the interest amount is calculated on undistributed property and excise tax If interest is due, the interest rate used to calculate the interest amount equals the average rate the county is earning on investments The interest amount equals the undistributed tax amount times the average interest rate divided by 365 times the number of days after 51 days 11 Remittances Due State before final approval of December Settlement will be given SWETA, 2009 Welfare Excise Tax Allocation and 2009 School Excise Tax Allocation 2008 & Prior Delinquent Tax Deduction State Fair, Forestry, HCI, MAW & CWSHCN State PTRC & State HSC portion of tax refunds Settlement Fines and Fees due December 31 st 12 4

5 Settlement Fines and Fees Remittances Infraction Judgment Fines Overweight Vehicle Fines Special Death Benefit Sales Disclosure Fees Coroner s Continuing Education Fees Adult Offender Interstate Compact Fees Mortgage Recording Fees Child Restraint Fine Forest Restoration Fund Canine Research and Education Fund Sex/Violent Offender Registration Fees DLGF Homestead Property Database Fund 13 When the Settlement is ready for review to all members of the Settlement Department the following Settlement documents Settlement Sheet, Form 105 Must use Form 105 we to you this year. We use the electronic Form 105 to print the Settlement Sheet once the Settlement has been approved. The printed Settlement Sheet is mailed to County Auditor to sign. The signed Settlement Sheet must be returned to Settlement Department in order for County Auditor to receive final approval of the Settlement. Treasurer s Certificate of Tax Collections, Form 49TC Must use 49TC we to you this year. If system generated 49TC is ed to the Settlement Department, then the 49TC must be identical to Settlement Department provided 49TC Certificate of Tax Refunds, Form 17TC Must use Form 17TC we to you this year Excise Tax Allocation Deduction Calculation Worksheet Must use worksheet we ed to you this year 2008 & Prior Del Tax Fund Deduction Calculation Worksheet Must use worksheet we ed to you this year 14 Settlement docs to for approval continued. Report of Settlement of Property Tax Replacement Credit and Homestead Credit Form 105A- Must use the Form 105A provided by our office 17HC Omitted Homestead and Res PTRC Summary Worksheet- Must use the 17HC form provided by our office Certificate of Error Summary-Must use the C of E Summary provided by our office State and Local HSC and Residential PTRC Reconciliation Worksheet-Must use the Recon worksheet provided by our office State and Local PTRC Reconciliation Worksheet -Must use the Recon worksheet provided by our office. 15 5

6 2010 CVET DISTRIBUTION The December 2010 distribution will be processed December 1, 2010 and will deposited in your county s designated bank account on December 3, 2010 The December 2010 distribution will equal the calculated calendar year 2010 amount minus the May 2010 distribution amount Can only distribute to taxing units after DLGF has certified 2010 property tax rates CVET DISTRIBUTION Counties who adopted Operating Levy Freeze LOIT must use 2010 property tax rate plus the Operating Levy Freeze LOIT equivalent rate to distribute CVET to taxing units Do not distribute 2010 CVET with 2009 property tax rates. 17 Financial Institutions Tax (FIT) Almost all counties should have received the February, May, and August installments of 2010 FIT Remaining distribution will occur the First week of December 2010 ¼ of the total amount due the county Counties who receive 2010 property tax rates after the first week of December 2010 will receive the 2010 FIT full year amount once 2010 property tax rates are certified. 18 6