The "Tax Budget" is compiled in the first half of each year for the succeeding year's activity. In terms of County revenues, the Tax Budget provides governmental departments (Commissioners, County Auditor, State Tax Commission) with a first view of anticipated revenues for the succeeding year, including estimated revenues in relation to not only the General Fund but also special revenue funds and levy (millage) funds.
In terms of expenditures, the Tax Budget is a valuable tool for, again, providing a first estimate of what expenditures may occur in the succeeding year, and how realistic such expenditures may be as compared to tax budget revenue estimates. As of this writing, the County Budget Commission has waived the requirement of constructing a tax budget under Section 5705.28.1 of the Ohio Revised Code. However, the Budget Commission requires the taxing authority to provide information needed by the Commission to perform its duties, and more information after June 9, 2003.
The Annual Budget (annual appropriation) is the final budget created for the succeeding year. This budget is hammered out in the last half of the year for the succeeding year. It is approved by the Board of County Commissioners by formal resolution in December. The Annual Budget, then, as opposed to the Tax Budget, becomes the official budget for the succeeding year and provides the legal basis for the Board to meet its payment obligations.