Lake City Finance DepartmentThe Finance Department is responsible for the efficient fiscal management of the City of Lake City and a $3.5 million dollar annual budget. The principal function is to perform financial oversight, planning, and administrative duties, with responsibility over the City’s initial budget preparation, accounting, auditing and related financial operations. The Department is responsible for providing timely information to the City Manager on issues affecting the current and future financial affairs of the City. In addition, the department provides related support services to other City departments.
Other responsibilities include:
- Accounts payable
- General accounting
- Preparing the annual budget
- The City’s annual audits
The 2013 Fiscal Budget totals $3.5 million dollars. Lake City has one of the lowest property tax rates in all of the metro Atlanta area. The average homeowner pays little or no taxes considering Lake City’s Net M&O Millage rate of 7.50 mills, $60,000 homestead exemption and the property values only being assessed at 40% of their fair market value.