| AGENDA ITEM SUMMARY
Consider for approval a resolution adopting the 2014 Property Tax Millage Rate of 8.611. Chief Financial Officer Markus Schwab will address. Approved millage rate of 8.4
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 at 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 recommends approval.
With overall collections at 95 percent, the proposed millage rate may generate revenue of approximately $4,070,000. | | | |