The Marietta Daily Journal – BoC s Lee asks officials to OK vote on SPLOST

MARIETTA — County Chairman Tim Lee has scheduled a joint meeting of the Board of Commissioners and six Cobb mayors, where he will encourage them to call for a six-year, 1 percent special purpose local option sales tax projected to collect $750 million.

“I will be bringing to that meeting next week a recommendation that we go through with putting a referendum on the November ballot this year that would extend the 1 percent sales tax that ends Dec. 31, 2015, for a period of six years,” Lee said on Thursday.

The existing four-year SPLOST, which spans from Jan. 1, 2012, through Dec. 31, 2015, is projected to collect $492 million.

A six-year SPLOST is estimated to collect $125 million per year for a total of $750 million.

“Countywide projects would be taken off the top with the remainder being split at approximately a 74 percent to 26 percent split (between the county and its six cities),” said Jim Pehrson, the county’s finance director.

via The Marietta Daily Journal – BoC s Lee asks officials to OK vote on SPLOST.