Item Coversheet

AGENDA ITEM SUMMARY

ITEM SUMMARY:

Receive comments regarding a resolution to adopt the 2016 Tax Millage Rate proposed at the rollback rate of 7.771 mills.  City Manager Kenny Smith will address.




SPECIAL CONSIDERATIONS OR CONCERNS:

The City 2016 Net Digest is $541,576,841, an increase of $16,758,135 from 2015. Of that increase, $8,119,490 was from reassessment of existing property and $8,638,645 was from other (1.6% growth). The millage equivalent of the reassessed values is 0.118 mills. The Rollback Millage Rate for 2016 is 7.771, down from the 2015 rate of 7.889. With a millage rate reduction to 7.771 mills, the levy would equal $4,208,593. An estimated 95% collection rate would generate property tax income of approximately $3,998,163. The FY 17 budget was based on property tax collections of $3,966,000.

STAFF RECOMMENDATION:

 N/A


FINANCIAL IMPACT:

With overall collections at 95 percent, the proposed millage rate may generate approximate revenue of $3,998,163 compared to $3,966,000 as budgeted.

ATTACHMENTS:
File NameDescription
Copy_of__LGS_COMPUTATION_OF_MILLAGE_RATE_ROLLBACK_2016_GRIFFIN_COMBINED.xls2016 LGS Millage Rate Rollback Computation
2016_Consolidation_sheet_Griffin_COMBINED_exempt_PRELIM__ROLLBACK_RATE.xls2016 Consolidation Sheet
2016_TAX_DIGEST_AND_5_YEAR_HISTORY_OF_LEVY_REVISED_AD.pdf2016 Tax Digest and 5 Year History
Resolution_Adopting_2016_Tax_Millage_Rate.doc2016 Resolution Adopting Property Tax Millage Rate
Submitted by:

 Meeting Date:

Markus Schwab, Director Administrative Services

8/23/2016

Reviewed by:

 
Kenny Smith, City Manager