Item Coversheet

AGENDA ITEM SUMMARY

ITEM SUMMARY:

Receive comments regarding a resolution to adopt the 2014 Tax Millage Rate proposed at 8.611.  Chief Financial Officer Markus Schwab will address.   No action required




SPECIAL CONSIDERATIONS OR CONCERNS:

The 2014 Adjusted Net M & O Net Digest decreased to $497,580,580 (down $24,650,129 from $522,230,709 the previous year).  With the millage rate reduced to 8.611 the levy would be $4,284,666.  An estimated 90% collection rate, would generate property tax income of approximately $3,856,000.  The FY 2015 budget was based on property tax revenue of $3,823,000. A 90% collection rate may generate revenue of approximately $33,000 over budgetary estimates.  Collections have come in at around 95% of net levy.  The proposed rollback millage rate (no tax increase) may meet projected revenues.

STAFF RECOMMENDATION:

 N/A


FINANCIAL IMPACT:

With overall collections at 95 percent, the proposed millage rate may generate approximate revenue of $4,070,000.

ATTACHMENTS:
File NameDescription
updated_-_2014_TAX_DIGEST_AND_5_YEAR_HISTORY_OF_LEVY_REVISED_AD.pdfCurrent 2014 Tax Digest and 5 Year History
LGS_COMPUTATION_OF_MILLAGE_RATE_ROLLBACK_2014_GRIFFIN_COMBINED.xls2014 LGS Millage Rate Rollback Computation
Resolution_Adopting_2014_Tax_Millage_Rate.docResolution
Submitted by:

 Meeting Date:

Markus Schwab, Chief Financial Officer

9/23/2014

Reviewed by:

 
Kenny Smith, City Manager