Overlay and Overlay Surplus
Accounting Policies and Procedures, Special Funds
municipal modernization single overlay account surplus deficit excess declaring declared statutory statute requirements adequate adequacy amounts maintaining maintenance allowance abatements exemptions refunds interest budgeting setting approving approval tax rate charges calculation calculating calculate management determination determine
59:23 59:25 59:70a acts 2017 47:31
This Informational Guideline Release (IGR) informs local officials about a change made by an outside section of the Fiscal Year 2018 State Budget that allows the overlay account to be charged for required interest paid on abatement refunds. It also generally explains the statutory standard for maintaining an adequate overlay and the actions the Commissioner of Revenue may take when approving a tax rate or determining available funds (free cash) to ensure compliance with that standard. Supersedes IGR 2016-104 and Inconsistent Prior Written Statements.
In effect. Supersedes IGR 2016-104 and Inconsistent Prior Written Statements.