ITEM TITLE:
#18-18 - Establishing the 2018 Rate of Real Property Tax and Designating the Number of Mills for Each Dollar of Real Property to be Levied for Municipal and School Purposes.
SUBMITTED BY: Brian Carlson, Finance Director
FISCAL NOTES:
Expenditure Required: n/a
Unencumbered Balance: n/a
Funding Source: n/a
RECOMMENDATION:
Approve Resolution Establishing the 2018 Mill Levy at a Rate of Twenty Mills
SUMMARY STATEMENT:
The 2018 Property Tax resolution assumes a levy of 20 (twenty) mills, which is consistent with the most recent Council-level discussions.
Assessed Values, mill rates, and tax levies are summarized below:
Oil & Gas Property: $1,921,355,290
Other Real Property: $ 274,188,478
Total: $2,195,543,768
Mill Rate: 20.00
Revenue: $43,910,875
Staff’s conservative estimate of the ad valorem revenue limit (“tax cap”) is $42.1MM.
This yields “over-cap” revenues of $1.8MM.
2018 Debt Service, excluding defeased debt, is $1.8MM, which enables the City to retain all “over-cap” revenues.