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Council authorizes millage reduction for South New Community Authority as debt nears payoff
Summary
Council approved Resolution 25-61, allowing the city manager to affirm a reduction in millage for the Delaware South New Community Authority to 4.0 mills next collection year as collections and paydown of the NCA debt continue ahead of schedule.
The council approved a resolution enabling the city manager to affirm a reduction of the Delaware South New Community Authority millage to 4.0 mills for the next collection year.
Finance staff told council that collections and the debt-paydown schedule for the Delaware South NCA have progressed ahead of original estimates, allowing for a reduction in the millage without jeopardizing debt service. “After review of how much we brought in in collections … we think that we can reduce the millage down to 4 mills for the next collection year,” Finance staff said, adding forecasts that the millage could be reduced further the following year.
Council members discussed the prudence of lowering the millage to avoid collecting excess revenue. The resolution passed by roll call.
