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Council affirms millage reduction for South New Community Authority to 4 mills
Summary
Council approved Resolution 25-61 allowing the city manager to affirm a reduction in the South New Community Authority millage from the previous rate to 4 mills after review of collections and payoff forecasts.
Delaware City Council on Aug. 25 approved Resolution 25-61 authorizing the city manager to affirm a reduction in the millage for the South New Community Authority (NCA) to 4 mills for the next collection year.
Finance and NCA staff told council the authority's collections and debt payments have progressed ahead of schedule. Alicia (Deputy Finance Director/Treasury staff) said she and the NCA treasurer reviewed collection trends and concluded the millage could be reduced to 4 mills in the coming year and possibly further in the following year before collections cease when debt is paid off.
Councilmember discussion noted the reduction reflects favorable collections and fiscal prudence. The motion to approve Resolution 25-61 passed on roll call with all present councilmembers voting yes.
Ending: Staff said the reduction is part of a schedule to minimize excess collections as the NCA approaches payoff of its obligations; future reductions may follow based on ongoing collections.
