unofficial informal briefing minutes tuesday, june …...2015/06/16  · 2015 estimated digest...

Unofficial Informal Briefing Minutes

Tuesday, June 16, 2015 - 10:30 AM Present: Charlotte J. Nash, Jace Brooks, Lynette Howard, Tommy Hunter, John Heard

1. Financial Services Digest Review and 2015 Proposed Millage Rate

Chief Financial Officer and Financial Services Director Maria Woods and Steve Pruitt, Tax Assessor's Office Division Director, presented an update on the Property Tax Digest and information on the Millage Rate. No Official Action Taken.

FINANCIALSERVICES

Property Tax Digest Update and Millage Rate Briefing  

Board of CommissionersJune 16, 2015

Digest Forecasts Updated

Digest Forecasts Updated

What’s Happened to Date…

Preliminary Digest Established for 2015 Budget 

2015 Budget Adopted based on Digest and Millage Rate Assumptions

Property Values Updated

Assessment Notices Mailed

Deadline for Appeals

2015 Estimated Digest Update for Millage Rate Adoption

May 18, 2015

June 2015

April 4,2015

April 2015

Jan 2015

Sept 2014

Countywide Net Digestmillions

Forecast

• Click to edit Master text styles– Second level

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» Fifth level

Motor Vehicle Digest Forecastmillions

Forecast

Number of Notices withUpdated Values

Parcels

Digest Level of AssessmentReal Property

6

State’s allowable assessment

ratio

Allowable assessment

ratio for Utility Billing

6

Real Property Tax Appeals

7

Sen

ate

Bill

34

6 im

ple

men

ted

Total Real Property Value Changes and Appeals

8

Parcels

Sen

ate

Bill

34

6 im

ple

men

ted

2015 Real Property Tax Digest

• Mailed 273,000 assessment notices

• 9,279 appeals

• Net Expected Value Update $596.3

• Net Expected New Growth $310.0

9

FY 2015 Budget assumption:  New Growth  ‐ $300.0

In summary…

Digest to Property Tax Revenue

10

Property Tax Digest

Millage Rate

Roll Up

Roll Back

Revenue

Budget

Digest to Property Tax Revenue

12

2015 Property Tax Digest

7.23

Roll Up

.17

2015 Revenue

Budget

Countywide – General Fund  

2014 Millage Rate 7.402014 Final $189,007,531

Net New Growth 7.23 $2,241,300MV Revenues ($4,393,589)

2015 Est Revenues  Rollback(No Conservation) $186,855,242

2015 Budget w Conservation $175,363,226

2015 Revenues w Conservation  $175,793,412

Difference $430,186

Net Value Update $4,412,250

Recreation District

Millage Rate 0.952014 Final $24,740,071 

Net New Growth $300,272 

MV Revenues ($564,042)2015 Estimated Revenues  

(No Conservation) $24,476,301

2015 Budget w Conservation $23,999,063

2015 Revenues w Conservation  $23,027,305

Difference ($971,759)

Net Value Update $577,540

G.O. Bond Debt 

Millage Rate 0.242014 Final $6,531,915

Net New Growth $79,278

MV Revenues ($142,495)2015 Estimated Revenues 

(No Conservation) $6,468,698

2015 Budget w Conservation $5,886,609

2015 Revenues w Conservation  $6,085,752

Difference $199,142

Net Value Update $152,483

Fire and EMS Service District

Millage Rate 3.202014 Final $81,453,829

Net New Growth $988,612MV Revenues ($1,893,441)

2015 Estimated Revenues  (No Conservation) $80,549,000 

2015 Budget w Conservation $76,078,4692015 Revenues w Conservation  $75,780,499

Difference ($297,969)

Net Value Update $1,901,483

Police Service District

Millage Rate 1.602014 Final $33,359,908

Net New Growth $404,892MV Revenues ($775,470)

2015 Estimated Revenues  (No Conservation) $32,989,330

2015 Budget w Conservation $30,975,0612015 Revenues w Conservation $31,036,362

Difference $61,301

Net Value Update $778,764

Development and Enforcement Service District

Millage Rate 0.362014 Final $6,250,609

Net New Growth $75,864

MV Revenues ($145,299)2015 Estimated Revenues  

(No Conservation) $6,181,174

2015 Budget w Conservation $5,815,9282015 Revenues w Conservation  $5,815,249

Difference ($679)

Net Value Update $145,916

Millage Rate Adoption Requirements

Perform computation of millage rate rollback

Publish five year history and current digest

Inflationary digest increases (positive value updates) can be offset by a reduction (rollback) of the millage rate

State law considers inflationary digest increases without offsetting millage rate reductions to be tax increases and therefore requires public notice for Maintenance and Operations only

The annual millage rate must be adopted by the local levying authority

19

FINANCIALSERVICES Questions