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City staff say adopting rollback rate would reduce property-tax revenue by about $597,000
Summary
Council members asked staff whether a rollback to 3.492 mills would lower revenues; staff confirmed an estimated reduction of about $597,000 versus the current revised budget and explained the parks bond millage is treated separately to ensure debt service.
A council member asked for the revenue consequence of adopting the rollback rate and staff provided a concrete estimate.
Kaye said that a full rollback would reduce property-tax revenue by approximately $597,000 compared with the current revised budget: "It would be 597,000 less than the current revised budget," she said. Council members used that figure in discussing trade-offs for maintaining services and reserves.
Staff also explained that the parks bond millage (0.250 mills) is separate from the M&O millage and that many exemptions that apply to the M&O rate do not apply to the bond rate. Kaye said the bond rate is set to ensure the city can service principal and interest on the parks bonds and maintain a prudent debt-service reserve.
Councilmembers asked for clearer presentation materials and for staff to verify assumptions before a formal motion at the July 28 meeting.
