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City staff briefs commission on 2025 tax-rate timing; compensating rate plus 4% recommended
Summary
City Administrator Amy Safran told commissioners the city awaits NKADD tax calculations and relayed the city's accountant's guidance to adopt the compensating rate plus 4% to sustain the general fund; staff said adopting any rate above compensating will require a public hearing and two ordinance readings.
Amy Safran told commissioners the city is waiting for Northern Kentucky Area Development District (NKADD) calculations for the 2025 tax rate. She said the city's accountant, Ben Harrison, recommended the city "always takes the compensating rate plus 4% to sufficiently fund the general fund" because expenses rise annually and failing to take the increase can erode reserves.
Safran explained that adopting a rate above the compensating rate will require preparation of an ordinance read at two separate meetings and a public hearing before the Commission. No final tax rate decision was made at the caucus; staff will present calculations and any proposed ordinance at upcoming meetings.
