2015.08.24 Council Agenda Item 04
Summary
Report from staff regarding the proposed tax rate for FY2015/16 and solicit guidance from the Council regarding the final rate and proposed overlay amount.
A public comment period will not be included with this item.
ACTION: Council guidance is anticipated but no formal action will be required.
Description
The State statutes give authority to the Assessor to establish the tax rate and commit taxes to be collected by the Tax Collector. Although this authority rests with the Assessor, he relies on guidance offered by the Town Manager, Finance Director and Town Council.
A copy of the proposed tax committment calculation form is attached along with a proposed tax or mil rate. This proposed rate in the form is 14.66. This rate was established by the Assessor to be consistent with the overlay amount from FY15. With a rate of 14.66, overlay will be $72,956. The Finance Director and Town Manager are recommending that the rate could be further reduced to 14.65 which would leave an overlay at slightly less than $50,000. The rate has evolved downward since the budget was approved by the Town Council in April and through a voter referendum in June.
- 14.73 - Projected rate in June
- 14.68 - Projected rate in July after the School Board decided to use additional funds received from the State to reduce the rate by 5 cents.
- 14.66 - Projected rate August 20 by Assessor due to higher growth in valuation than projected
- 14.65 - Recommended rate by Town Manager
