Item Coversheet

AGENDA ITEM SUMMARY

ITEM SUMMARY:

Receive comments regarding a resolution to adopt the 2015 Tax Millage Rate proposed at 7.889 Rollback Rate.  City Manager Kenny Smith will address.




SPECIAL CONSIDERATIONS OR CONCERNS:

The 2015 Adjusted Net M & O Net Digest increased to $524,818,706 (up $27,238,126 from $497,580,580 the previous year).  With the millage rate reduced to 7.889 the levy would be $4,140,295.  An estimated 95% collection rate would generate property tax income of approximately $3,933,000.  Fiscal Year 2016 budget was based on property tax revenue of $3,894,000.   Collections have come in at around 95% of net levy. 

STAFF RECOMMENDATION:

 N/A


FINANCIAL IMPACT:

With overall collections at 95 percent, the proposed millage rate may generate approximate revenue of $3,933,000 compared to $3,894,000 in adopted budget.

ATTACHMENTS:
File NameDescription
2015_TAX_DIGEST_AND_5_YEAR_HISTORY_OF_LEVY_REVISED_AD.pdf2015 Tax Digest and 5 Year History
Copy_of_LGS_COMPUTATION_OF_MILLAGE_RATE_ROLLBACK_2015_GRIFFIN_COMBINED.xls2015 LGS Millage Rate Rollback Computation
Resolution_Adopting_2015_Tax_Millage_Rate.pdf2015 Resolution Adopting Property Tax Millage Rate
2015_TAX_DIGEST_AD_20150823.pdf2015 TAX Digest AD in Griffin Daily News
Submitted by:

 Meeting Date:

Markus Schwab, Chief Financial Officer

9/8/2015

Reviewed by:

 
Kenny Smith, City Manager