On June 20, 2017 Council adopted the City Budget on final reading. As of the adoption date, the City did not have its preliminary digest for millage rate calculation and property tax estimate. The City received its estimated digest in August and we are proposing a 16.44 mill rate, decreasing the millage by 0.17 mills from fiscal 2017. This rate has been appropriately advertised as required and is ready for adoption by council. At this time staff projects the General Fund millage of 16.44 Mills will generate approximately $6.5 million. The City's budget estimate for property tax was approximately $5.2 million.
City Staff recommends adoption of the 16.44 millage rate for the 2017 property tax billing.
The Special District Tax of 1 Mills for Fire generated revenues of approximately $79,000 in FY 2017. The city expects receipts to increase with the 2017 tax assessments. A list of properties included in the District has also been provided for your information.
Property tax receipts account for approximately 50% of the General Fund cash inflows. The city bills taxes from the Property Digest provided by the Fulton County Tax Assessor. This year’s tax digest file is expected to be delivered near the end of September. The City expects to bill shortly thereafter and expects collections within 45 days of billing. Presently, the General Fund cash reserves are insufficient to fund operations from the beginning of the fiscal year until December. The City proposes to fund the shortfall by transferring $2,000,000.00 from the Water Sewer Fund with repayment to the Water Sewer Fund by December 31, 2017.
Cash reserves for the General Fund as of July 1, 2017 were approximately $350,000 and
$2,600,000 for the Water Sewer Fund.
The following resolution for council approval memorializes the transaction.
At this time, the Mayor opens the floor to comments from the audience. Comments should relate to a specific agenda item, not listed on the agenda for a Public Hearing, or to a concern within the jurisdiction of the City. Mayor and Council meetings serve the purpose of conducting city business and are not a forum for the unlimited expression of opinion. The Mayor reserves the right to limit comments to matters germane to city business and may refer speakers to the City Manager or other staff for resolution.