|
GENERAL FUND REVENUES — Property Taxes - $5,542,110
<br />Ad Valorem Property Taxes are the largest single component of the General Fund operating budget. For
<br />FY 2012, continuing recession effects have further reduced market values and taxable value has
<br />decreased to $1,070,421,999, reflecting a loss of 6.58% from FY 2011.
<br />* HB1B - State Legislature mandated property tax cut
<br />** Amendment 1 - Property exemptions, real estate decline, and caps on growth in millage rates
<br />*** Economic Recession
<br />Since the passage of "Property Tax Reform" by the Florida Legislature, the growth in the property tax
<br />levy is effectively capped, limited by the amount of the levy (in total dollars) from the previous year.
<br />The levy cannot easily grow from one year to another except by majority or supermajority votes of the
<br />City Commission. Should the levy be voluntarily reduced, the basis for the next year's levy will be set
<br />back as well and the effect will be long lasting for the City.
<br />Given the loss in taxable value, the roll back ("forward") rate that is estimated to yield roughly the same
<br />tax levy as FY 2011 is 5.8901 mills. The levy is allowed to grow freely with the rate of per capita income
<br />for Florida citizens. For 2010 per capital income grew at a slight rate 0.55%. The City Commission is
<br />empowered to set a millage as high as 5.922, which would yield $6,031,277 with a simple majority vote.
<br />A tax increase would be advertised.
<br />This budget has been prepared with no change to the millage rate. It will remain 5.4500 mills. The levy
<br />at 5.4500 mills will raise $5,542,110 which is a $400,800 reduction from the FY 2011 budget. The
<br />Commission has expressed interest in advancing the Neighborhood Improvement Program.
<br />Adjustments in the millage rate could be dedicated to support advancement of this program. However,
<br />there is little ability to provide additional revenue to speed construction beyond the Triplet Lake Drive
<br />Project at this time.
<br />Millage 5.4500 5.8901 5.922
<br />Revenues $5,542,110 $5,998,789 $6,031,277
<br />MAJOR GENERAL FUND REVENUE SOURCES:
<br />Taxes: Utility Taxes and Franchise Fees - $6.5M
<br />These taxes represent approximately 33% of the total revenue of the General Fund. Utility taxes are a
<br />public service tax assessed on electricity, water and propane purchases in the City of Casselberry while
<br />franchise fees are assessed on a business, usually a public utility, in return for the right to operate inside
<br />Taxable Value
<br />Budget Year
<br />Million
<br />% Change
<br />FY 2006
<br />$1,124
<br />8.80
<br />FY 2007
<br />$1,414
<br />25.90
<br />FY 2008
<br />$1,598
<br />13.00*
<br />FY 2009
<br />$1,504
<br />(5.90)**
<br />FY 2010
<br />$1,320
<br />(12.20)***
<br />FY 2011
<br />$1,148
<br />(13.07)***
<br />FY 2012
<br />$1,070
<br />(6.58)***
<br />* HB1B - State Legislature mandated property tax cut
<br />** Amendment 1 - Property exemptions, real estate decline, and caps on growth in millage rates
<br />*** Economic Recession
<br />Since the passage of "Property Tax Reform" by the Florida Legislature, the growth in the property tax
<br />levy is effectively capped, limited by the amount of the levy (in total dollars) from the previous year.
<br />The levy cannot easily grow from one year to another except by majority or supermajority votes of the
<br />City Commission. Should the levy be voluntarily reduced, the basis for the next year's levy will be set
<br />back as well and the effect will be long lasting for the City.
<br />Given the loss in taxable value, the roll back ("forward") rate that is estimated to yield roughly the same
<br />tax levy as FY 2011 is 5.8901 mills. The levy is allowed to grow freely with the rate of per capita income
<br />for Florida citizens. For 2010 per capital income grew at a slight rate 0.55%. The City Commission is
<br />empowered to set a millage as high as 5.922, which would yield $6,031,277 with a simple majority vote.
<br />A tax increase would be advertised.
<br />This budget has been prepared with no change to the millage rate. It will remain 5.4500 mills. The levy
<br />at 5.4500 mills will raise $5,542,110 which is a $400,800 reduction from the FY 2011 budget. The
<br />Commission has expressed interest in advancing the Neighborhood Improvement Program.
<br />Adjustments in the millage rate could be dedicated to support advancement of this program. However,
<br />there is little ability to provide additional revenue to speed construction beyond the Triplet Lake Drive
<br />Project at this time.
<br />Millage 5.4500 5.8901 5.922
<br />Revenues $5,542,110 $5,998,789 $6,031,277
<br />MAJOR GENERAL FUND REVENUE SOURCES:
<br />Taxes: Utility Taxes and Franchise Fees - $6.5M
<br />These taxes represent approximately 33% of the total revenue of the General Fund. Utility taxes are a
<br />public service tax assessed on electricity, water and propane purchases in the City of Casselberry while
<br />franchise fees are assessed on a business, usually a public utility, in return for the right to operate inside
<br />
|