Item 21: Budget Adoption

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COSM_Admin

Administrator
Staff member
Receive a Staff presentation and hold a Public Hearing to receive comments for or against Ordinance 2021-66, adopting a budget in the amount of $259,813,834 for the fiscal year beginning October 1, 2021 and ending September 30, 2022; authorizing certain adjustments to the budget with the approval of the City Manager; approving fiscal year 2021-2022 Capital Improvements Program Projects; adopting a fee schedule; including procedural provisions; and declaring an effective date; consider approval of Ordinance 2021-66, on first of two readings.
 

JHughson

CoSM Members
What is the expected property tax to be billed?
Usual collection rate?
Repeat for last year.
Looking for increase in revenue due to tax base increases.

Section 3 - a few times in years past we allowed the City Manager to make the changes needed without approval, as this ordinance states, but to notify us of such. I'll be offering an amendment to that effect again this year for c, d, e, and f.
 

COSM_Admin

Administrator
Staff member
Response to Mayor Hughson, provided by Marie Kalka, Director of Finance:
What is the expected property tax to be billed?
The levy we expect at $0.5930 would be $38,847,068 and at $0.6030, $39,502,162

Usual collection rate?
The collection rates that were certified by our tax assessor/collector is as follows:
  • TY 2018 - 98.65%
  • TY 2019 – 98.45%
  • TY 2020 – 98.31%
Repeat for last year.
Looking for increase in revenue due to tax base increases.
The tax base (with new property excluded) did not increase but rather decreased.
 

COSM_Admin

Administrator
Staff member
Additional clarification provided by Director of Finance, Marie Kalka:
What I was seeking was WITH the new property INCLUDED.
With new property included as well as TIRZ’s
@ .6030 the increase is $1,121,823 (with an increase to debt service of $1,564,739 and a decrease of $442,916 to M&O)
@ .5930 the increase is $466,730 (with an increase to debt service of $1,564,739 and a decrease to M&O of $1,098,010)

As for total taxable assessed values they went from $6,472,232,427 (TY20 as of TY 21 certification) to $6,550,938,926 so an increase of $78,706,499 (including new property added of $211,472,588).
 
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