Sandy Springs anticipates collecting $350 million in Local Option Sales Tax (LOST) revenue over the next 10 years after the new distribution agreement between Fulton County and its 15 cities.
Sandy Springs Mayor Rusty Paul was joined by City Manager Eden Freeman and City Attorney Dan Lee during negotiations and mediation over the LOST distribution, which began on July 1.
“Mayor Paul can certainly elaborate on all of the work that we have been through but I’m very happy to report that we are at the conclusion of that process. And we have successfully concluded negotiations with the county and the other cities,” Freeman said during a special City Council meeting held Nov. 7 to approve the agreements.
City Council approved the agreements with Fulton County and the 14 other cities for the distribution of LOST revenue.
Fulton County’s share increases each year for the next 10 years in an agreement announced on Nov. 4.
“All of the city’s portions must decrease to account for their share increasing,” Freeman said.
Sandy Springs will receive 9.5512% of the total in 2023, steadily dropping to 8.729 in 2030, where it will remain for the last three years of the agreement. She said that averages to 9.1113% for the city over the next 10 years.
The projected $350 million Sandy Springs expects to collect is $85 million more than collected in the previous 10-year period, she said.
“It’s probably been the most grueling thing I’ve ever done in public life. But I thought I’d seen everything, but this was rather intense for a long period of time and Eden has done a phenomenal job,” Paul said.
He said the city is giving up a little bit of money to help some of its sister cities that would have had a real negative impact.
One of the best consequences of the negotiations has been the relationship Atlanta and Sandy Springs have developed, Paul said.