Title
RESOLUTION SETTING TARGET MILL LEVY.
Presented by: Chris Chronis, Chief Financial Officer.
RECOMMENDED ACTION: Approve or disapprove the resolution, as desired.
Body
A request was made for the consideration of a resolution setting a target property tax rate -- or 'mill levy' -- of 29.359 mills for the County budgets of 2017 - 2022, and 28.758 for the County budgets of 2023 and subsequent years
In effect, the resolution is an expression of intent of the Board of County Commissioners (BOCC) to fund future County budgets with the amount of property tax revenue that can be produced by the designated tax rates. In practice, the tax rate is established each year by the County Clerk on or about November 1, after the BOCC has certified a budget and property tax levy for the following year and the County Appraiser has certified a tax base against which property taxes can be levied. The certified tax rate for the current tax year, which funds the 2016 budget, is 29.383 mills.
The current long-term financial forecast assumes a tax rate of 29.359 mills for 2017 - 2021. Using that tax rate and other assumptions regarding County revenues and expenditures, the financial forecast projects cumulative operating deficits in the property-tax-supported funds each year; the amounts of the annual deficits range from $1.867-million to $5.417-million. The financial forecast is a tool used to estimate future outcomes based on current policies, activities, and project plans; if the estimated outcome is undesirable County decision-makers have ample time to change course in order to achieve a more desirable outcome.
Alternatives: The BOCC can approve or disapprove the resolution.
Financial Considerations: The resolution would have no direct financial impact, but would serve as a statement of intent by the current Commission regarding future property tax rates.
Legal Considerations: The resolution has been drafted and approved as to form by the County Counselor.
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