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Olivette council adopts 2024 tax levy ordinance after public hearing
Summary
After a public hearing, the council approved Bill 3033 to fix the 2024 tax levy; Finance Director Darren Mann said favorable assessments and $8.1 million in new construction eased rate pressure, and the measure passed unanimously.
The Olivette City Council adopted an ordinance fixing the annual tax levy for 2024 following a public hearing on Sept. 24.
Finance Director Darren Mann briefed the council and public, saying the Board of Equalization assessments were generally favorable and citing nearly $8.1 million in new construction that reduced pressure on tax rates. Mann noted overall revenues were roughly $210,000 below expectations for the year to date while expenditures were about $255,000 above expectations, producing an unfavorable net variance the staff will monitor.
Mann explained that while tax rates typically move inversely to assessed value, inflation and debt service affect levies; he said the city’s collections and reserves position it to meet budget targets. The ordinance was read and the council moved to adopt Bill 3033; after a roll‑call vote the motion passed unanimously and Bill 3033 became Ordinance 22803.
Darren Mann read the tax‑rate figures as recorded on the ordinance: residential rate reported in the agenda text as approximately $1.09 per $100 of assessed valuation, commercial approximately $1.31 per $100, and personal property approximately $1.45 per $100. Council did not amend the ordinance at the meeting and offered no additional motions related to the levy.
