Grabbing the cash
Because property values are up 9.1%, and Scott Maxwell has hinted about rolling back our millage rate, the recommendation by staff is to keep it the same as last year which means you will be paying more. If Maxwell speaks out, it will only be one voice blowing in the wind. McVoy is on some religious retreat. The only religion that we all can equate to at this moment, is fairness in taxation and living within our means.
SUMMARY (on tonight's Agenda):
This Resolution will establish the Proposed Tentative Millage Rate of 5.4945, the same rate in the current Fiscal Year budget.
Based on information from the Palm Beach County Property Appraiser’s Office, the FY 2015 Operating RollBack Millage is 5.0197. This Operating Roll-Back Millage is the millage rate that will generate the same property tax revenue that was generated in FY 2014. But Lake Worth, the tax and spend city, wants to tax you .4748 mills more than they have to tax.
The City says, with the inclusion of the County Fire MSTU millage 3.4581, the maximum available Operating Millage cannot exceed 6.5419 mills. This year continues a trend that began last year with an increase in the taxable value of real and personal property (9.71%). (Last night's budget presentation used the figure of 9.1%). This rate will result in an increase in the actual tax revenue collected. The 9.71% is the total increase in taxable value (including CRA district). The increase attributable to the City outside the CRA is 8.41%.
Even though they want you to fund a $63.5 MILLION General Obligation Bond for 30 plus years, they do not want to rollback the millage rate...they can't afford to. They need to grab as much cash as they possibly can. After all, our "uncontrollable costs" are estimated at 67.9% of our revenue for year 2015 out of our operating budget and according to our Finance Director, after next year if we continue to use reserves, we will have an unsustainable fund balance.
The city needs all of the tax revenue it can get.
2 comments:
How does a city that is essentially broke get the right to borrow 63.5 million dollars and expect it's citizens to be able to withstand that type of tax increase. They want to lower our electric rates so we stay competitive with our surrounding cities but they have no problem increasing our taxes so we are one of the highest taxed cities in the county. That makes no sense.
Of course we can't afford to roll back the millage, we are running a $30 million deficit. And yes this is why the millage rate won't be rolled back if the 2020 plan is approved, we can't afford it. Look at the proposed budget numbers.
So much goes to PBSO that there is nothing left for any other services. Only 30% of the properties pay City taxes, and that is the same 30% that is targeted for the uncapped 2020 debt repayment.
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