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HomeMy WebLinkAbout2008 07 23 Distributed by Kevin Smith During Informational 100Date: July 23, 2008 The attached document was distributed to the City Commission by Mr. Kevin Smith during Informational Agenda Item "100" at the July 23, 2008 City Commission Roundtable Discussion. City Operating Millage Analysis Effect on "Average" Homeowner FY 2009 Budget Assessed Value * $ 200,000 Homestead Exemption ** 50,000 Taxable Value $ 150,000 * Does not account for any market appreciation or devaluation. ** Accounts for new Double Homestead Exemption per Amendement 1. 1 mill (100%) _ $ 2,019,574 Mills a Description Operating Mills a Rate Avg. Homeowner FY 2009 Ci Taxes $ Increase Over Prior Year $ Increase Per Month Additional Revenue Over No Mill Inc Additional Revenue Over Base No millage increase over PY 2.0338 305 (51) (4) - (473,994) + 02347 mills {Base Budget) 2.2685 340 (16) (1) 473.994 + 0.3000 mills 2.3338 350 (6) (0) 605,872 131,878 + 0.3390 mills (Break-Even) 2.3728 356 0 0 684,636 210,642 + 0.4000 mills 2.4338 365 9 1 807,830 333,836 + 0.4308 mills (Fund All Cuts) 2.4646 370 14 1 870,033 396,039 + 0.5000 mills 2.5338 380 24 2 1,009,787 535,793 + 0.6000 mills 2.6338 395 39 3 1,211,745 737,751 + 0.7000 mills 2.7338 410 54 5 1,413,702 939,708 + 0.8000 mills 2.8338 425 69 6 1,615,660 1,141,665 + 0.9000 mills 2.9338 440 84 7 1,817,617 1,343,623 + 1.0000 mills 3.0338 455 99 8 2,019,574 1,545,580 ~. TABLE 3 FY 2009 POTENTIAL EXPENDITURE ADD-BACKS GENERAL FUND Add Backs Merit Pay Cody Study Range Adjustments Health Insurance (Increments): Amended Plan Cvg. - 7% Current Plan Cvg. - Add'I 7.8% Christmas Parade Christmas Tree Lighting Christmas Concert Spring Concert July 4th Event Fire Dept.-2 Positions Court Services fro Lot Clearing Total Add'I Requests by Commission (on 7/16/08): 2 Police Officers Revised Totat Expense Millage $$ Equivalent 180,000 0.089 30,000 0.015 62,000 0.031 68,000 0.034 7,000 0.003 15,000 0.007 23,000 0.011 23,000 0.011 60,000 0.030 92,000 0.046 15,000 0.007 575,000 0.285 150,000 0.074 725,000 0.359 Base Budget Millage Increase Total Millage Increase 473,994 0.235 1,198, 994 0.594 xx