| AGENDA ITEM SUMMARY
Consider for approval a resolution adopting the 2015 Property Tax Millage Rate of 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.
N/A
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. | | | |