By BEN GRAFTON
At a special meeting in City Hall at 6 p.m., July 29, City Attorney Clayton Adkinson advised the City Council that the Certificate of Taxable Values for the 2014 – 2015 budget has been received and that the tentative ad valorem tax rate for the coming fiscal year must be set that night.
Reflecting the city’s growth, the taxable values are greater than those from the current budget year. The current tax rate is 4.7302 mills and if this was adopted as the tentative rate it would produce an ad valorem tax income of approximately $850,000. A “roll back” rate of 4.6649 mills would produce approximately the same income from ad valorem taxes that was budgeted this year. The tentative rate can be reduced at a later date if appropriate. The tentative rate set at this meeting should be the maximum rate for the coming fiscal year and, once it has been adopted, it can only be changed by going through a significant revision process.
Income from ad valorem taxes goes into the General Fund and is used to cover personnel and non-income generating department expenses.
The Council discussed the choices and approved a tentative rate of 4.7302 mills, the same rate used this year, for the coming fiscal year. The Property Appraiser must be notified of this action by mail.
The Council also set a Budget Meeting for Sept. 4, 2014.
