Translate[Archived] Question #42: Explain the difference between the Potomac Yard Special Tax District Transfer (FY18 Budget vs. current FY18 projections) and how that differential informed the FY 2019 proposed transfer?
Question:
Can you explain the difference between the Potomac Yard Special Tax District Transfer reflected in the FY 2018 Approved Budget and what is currently projected in FY 2018? Please address how that differential informed the FY 2019 proposed transfer.
Response:
The Potomac Yard Fund provides monies for the development and operation of the planned Potomac Yard Metrorail station. Appreciation of real estate in Potomac Yard after CY2010 has been set aside to support this Metrorail station development and operations. The $10.2 million amount shown in the budget document (p. 7.9) for the FY 2018 approved transfer and the $6.8million amount shown for the FY 2018 projected transfer were typographical errors. FY 2018 Approved should read ($9,741,855) and FY 2018 Projected should read ($10,224,819). While the first five rows in the table below show the amount of general real estate tax revenues to be collected from all sources including real estate tax revenues earmarked for the Potomac Yard Fund, the Potomac Yard Transfer in italics represents the amount included in the City's Operating budget to be transferred to the Potomac Yard Fund. While the FY 2018 approved and projected amounts were inaccurately reported on this page in the revenue section, they were budgeted correctly in the proposed operating budget. There is no impact on either revenues or expenditures in FY 2018. The FY 2019 amount was correctly stated as budgeted. The prior title "Potomac Yard Special Tax District Transfer" could easily be confused with the two Potomac Yard Special Tax District special levy taxes, so the title going forward will be the "Potomac Yard Tax Base Growth Transfer to the Potomac Yard Fund".
