To

Mayor and Council

Subject

FY 2003 Tax Millage

Initiator

Finance Department

Recommendation

Approve an ordinance levying ad valorem tax rates for the calendar year 2002 in \n \n support of the FY 2003 Budget for the Columbus Consolidated Government for the \n \n fiscal year July 1, 2002 through June 30, 2003.

Approval

Approved

Background

The Budget which was presented to Council on April 30, 2002 includes property

tax revenue based on a projected net county operating digest of $3,110,028,331

in all districts, which is 2.75% greater than the 2001 state approved digest

for the county.

Analysis

The proposed operating budget has been adjusted by $518,508 in aggregate

having no impact on the tax millage. The proposed millages reflect Council

direction for a .25 increase in millage for the Paving Fund in both urban

service district 1 and urban service district 2. The proposed millage also

reflects the .25 mill rollback in the general service district with the purpose

of the creation of a separate .25 mill levy for economic development

activities. Therefore, the proposed millage rates are as follows: in urban

district 1, 16.63 mills; in urban service district 2, 10.03 mills; and in urban

service district 4, 11.58 mills.



Alternatives: The Tax Millage Ordinance will be on second reading June 27,

2002. Any delay beyond that date will delay the delivery and return of

property tax bills.

Financial Considerations

Based on the projected net digest, these tax rates in conjunction with the debt

digest will provide $51,015,464 of revenues for the FY 2003 budget. An

increase in the digest greater than the 2.75% growth factor projected for the

FY 2003 Recommended Budget would provide additional revenue for operations.

Likewise, a growth of less than the projected 2.75% would require a reduction

in appropriated expenses. The three Business Improvement District?s tax

millages will produce combined revenues of $531,034, which will be remitted

less commission fees to the Business Improvement District.

Projected Annual Fiscal Impact Statement

Legal Considerations

In accordance with O.C.G.A. 48-5-32, the proposed tax millages and levy for the

current year and five prior years have been advertised prior to Council

adoption. There exists no requirement to publicize adjusted millages.

Recommendations/ Actions

Approve an ordinance levying ad valorem tax rates for the calendar year 2002 in

support of the FY 2003 Budget for the Columbus Consolidated Government for the

fiscal year July 1, 2002 through June 30, 2003.

No attachments for this document.