What is the 4th Cent Sales & Use Tax and how is it allocated?

The State of Wyoming levies a 4% sales tax upon all sales, purchases, and leases of tangible property sold or leased by persons engaged in the State. There is also a 4% tax levied upon the privilege of persons to use, store, or consume either purchased or leased tangible personal property. The state allocates the levies for both Sales and Use Tax as follows: •69% of the state’s tax goes to the state general fund, with 31% going back to local governments. •Of the local government share, the state deducts a 1% administrative fee. •Distribution is determined by computing the percentage that net sales and use taxes collected by vendors in each county (including cities and towns) bears to the total net sales collected from the state. •The state pays a flat $40,000 to each county annually. The county receives these monies in equal monthly installments and then the state distributes the remainder to each county in the proportion that the total population of the county bears to the total population of the state. •The city portion is also based on the total population of the city to the total population of the county. (Reference Wyoming Statute: W.S. 39-15-101 through 39-15-111, W.S. 39-16-101 through 39-16-111)

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1. What is the General Fund?
2. What are the primary General Fund revenue sources?
3. What is the 4th Cent Sales & Use Tax and how is it allocated?
4. What is the 5th Cent Sales & Use Tax (local option) and how is it allocated?
5. We have a 6th cent specific purpose tax (1% SPT local option) in Albany County. Why don’t I see it in General Fund revenue sources? How is this tax being managed?
6. How much debt can the City carry?
7. What are the current types of general fund debt and the terms associated with the debt?
8. What is an Enterprise Fund?
9. What types of enterprise fund debt are held by the City and what are the terms associated with that debt?
10. What determines how much the City can spend?
11. What is the City’s Bond Rating?
12. What is Depreciation? How does the City manage it?
13. What are Fund Balance and Net Position?
14. What do the different components of fund balance mean?
15. What is a Modified Balance Sheet?
16. What are the Days of Operation Reserves?
17. What are the Recreation Center’s primary revenue sources?
18. What is the percent of Cost Recovery for the Recreation Center?
19. What is the Enterprise Fund Shared Services Transfer?
20. How does the City plan its budget for Enterprise Funds?
21. Are the revenues in the Enterprise fund only user fees?
22. How does the Financial Outlook Report differ from the Comprehensive Annual Financial Report (CAFR)?