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Council sets preliminary millage rate for FY2026 after hearing value growth; staff notes small taxpayer effect per 1% cut
Summary
The council voted to set the city’s preliminary operating millage at 5.9604 and the debt-service millage at 0.2445 for FY2026; staff noted taxable values rose about 13% and that a 1% millage reduction would cut only about $10 for the average assessed property while reducing city revenues by about $381,000.
City staff presented the proposed millage rates for fiscal year 2026 and the council set preliminary rates Wednesday: the operating millage at 5.9604 mills and the debt-service millage at 0.2445 mills.
Staff reported that the citywide taxable value base rose roughly 13% year over year (to about $6.3 billion), generating projected property-tax revenue of about $36 million citywide — approximately $32 million for the general fund and $3.8 million for the Community Redevelopment Agency. Staff underscored the arithmetic effect of property-value growth: the same tax rate on a higher value base yields meaningful additional revenue.
The finance director explained that lowering the millage by 1% would produce only modest taxpayer relief (about $10 for an average assessed value of $171,000) while decreasing city revenue by an estimated $381,000. The council adopted the preliminary rates by roll call; the final millage will be adopted later in the budget process following public hearings and additional budget review.
Why this matters: Setting the preliminary millage establishes the revenue assumptions used to draft the city budget; council and staff indicated they will continue budget deliberations before adopting final rates and the budget in the coming weeks.
