In preparation for the annual meeting with the county board of supervisors, you will present a tax rate proposal and associated budget. To do so, you will need to:

Analyze revenues and expenditures for Caroline County.

Present a tax rate for the coming year that will balance revenues and expenditures in Caroline County.

Create a budget based on the estimated tax rate.

Data relevant to your proposal and budget:

Last year's tax rate of 1.25% of assessed value of real estate was based on a budget requiring spending of $10,000,000 total from all sources.

One-fourth of that came from taxes on real estate.

The total assessed value of the property in the county was $200,000,000.

Since the last tax rate was set:

The county's property has been appraised at an overall increase of 2 percent. This does not include the real estate of 15 new business at a total of $4,000,000 in assessed value or the addition of a new housing development adding a total of $10,000,000 in assessed value.

New regulations from the state will add $500,000 to the amount needed by county schools. The state will not pay for any of this $500,000.

The county would like to know the feasibility of purchasing 6 new school buses costing $200,000 USD each.

When preparing this tax rate proposal and budget (12 pages) for submission to the supervisors, include all relevant supporting documents and other information, such as:

Estimated assessed value of all property in the county.

Forecasted additions to the county surplus if the supervisors adopt your recommendation.