| AGENDA ITEM SUMMARY
Discuss 2015 Tax Digest and proposed millage rate. City Manager Kenny Smith will address.
| SPECIAL CONSIDERATIONS OR CONCERNS: |
The attached form from the Tax Commissioner shows the 2015 Net Digest increased $27,238,126, however $31,904,859 was reassessment of existing property. The other taxable digest decreased -$4,666,733, therefor the net digest increased $27,238,126. However, the reassessed increase has to coincide with a millage rollback as reassessments cannot be counted as growth. Therefor the rollback millage rate is 7.889 mills compared to the current 8.4 mills. Any millage rate over 7.889 must be advertised and heard as a tax increase.
8.4 mills will generate approximately $4,188,053 (95% collection rate)
7.889 mills will generate approximately $3,933,279 (95% collection rate)
Budgeted in FY 16 budget - $3,894,000
Staff recommends proper advertising and future adoption of rollback millage rate of 7.889.
Projecting 95% collections the millage rate of 7.889 would provide a minimal surplus of $39,279 over budget. | | | |