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Christopher M. Quinn, MACC, CPA, CFE, CGFO, CGMA Finance Director Lina Williams

Revenue Source & Property Tax Overview. Tuesday, June 21 st , 2016. Christopher M. Quinn, MACC, CPA, CFE, CGFO, CGMA Finance Director Lina Williams Budget & Financial Analyst. Budget Preparation Timeline. January - March First Quarter Review Annual Financial Audit

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Christopher M. Quinn, MACC, CPA, CFE, CGFO, CGMA Finance Director Lina Williams

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  1. Revenue Source & Property Tax Overview Tuesday, June 21st, 2016 Christopher M. Quinn, MACC, CPA, CFE, CGFO, CGMA Finance Director Lina Williams Budget & Financial Analyst

  2. Budget Preparation Timeline • January - March • First Quarter Review • Annual Financial Audit • Revise 10 Year Infrastructure Plan • Presentation of Annual Progress Report and Citizen Survey Results to City Council • April • Second Quarter Review • Annual Update of the Strategic Action Plan • Presentation of the Year to Date Budget • Departments Begin FY 2017 Budget Input

  3. Budget Preparation Timeline • May – June (Budget Preparation Series to City Council) • Fund Accounting Presentation • Long Term Financial Planning Presentation • Revenue Source & Property Tax Presentation • July – August (Budget Workshops) • General Fund Budget Workshop • Adopt Maximum Millage Rate • Proprietary Funds Budget Workshop • Third Quarter Review • Special Revenue & Capital Fund Budget Workshop • Final Proposed Budget Presentation

  4. Presentation Overview • Revenue Classifications • Ad Valorem (Property) Taxes Review • Revenue Diversification Options

  5. Revenue Classifications

  6. 2016 Revenues by Source

  7. Taxes

  8. Taxes

  9. Intergovernmental Revenue

  10. Permits, Fees, Special Assessments

  11. Charges for Service

  12. Judgements, Fines and Forfeitures

  13. Other Sources

  14. Ad Valorem Tax Review

  15. Truth in Millage (TRIM) Process • Establishes statutory requirements that all taxing authorities levying a millage must follow, including all notices and budget hearing requirements. • Requires full disclosure by taxing authorities to the taxpayers and general public of the rates and amount of taxes, prior to levying the taxes.

  16. TRIM Process Timeline

  17. TRIM ProcessTimeline

  18. TRIM Process Timeline Property Appraiser must mail “Notice of Proposed Property Taxes “ (TRIM Notice) within 55 days of certification. Maximum Proposed Rate

  19. TRIM Process Timeline • Twopublic hearings must be held to adopt a millage rate and budget.

  20. TRIM Process Timeline • The TRIM process has to be completed within 101 days.

  21. Property Taxes Assessed Value – Exemptions = Taxable Value

  22. Market Value vs. Taxable ValueHypothetical Example Market value increases 50% per year Taxable value on Homestead can only increase 3% per year or CPI (lessor of the two)

  23. Property Taxes Taxable Value x Millage Rate = Property Tax

  24. Millage Rate Comparison • Survey of Florida cities : • Population between 70K-100K • 12 Cities with Millage *Based on April 1st, 2015 population estimates. ** Based on FY 2016 millage rate.

  25. Millage Rate History FY 2017 Preliminary Estimate of Taxable Value is $4,290,000,000 (4% increase)

  26. Property Tax Bill COPC Portion of Total Taxes COPC Portion of Total Millage Rate COPC portion is less than 20% of Total Millage

  27. City Millage Rate and Property Tax HistoryFY 2012-2016

  28. Adopted Millage Rate vs. Rolled-Back RateFY 2012-2016

  29. Services Provided Through Property TaxesFY 2016 $17 Million Ad Valorem Taxes =

  30. Palm Coast Citizen’s Tax Bill Tax Revenue: Ad Valorem, Sales, Gas, Communications, Local Business Tax, Solid Waste Franchise Fee, State Revenue Sharing, State & Federal Grants, etc. Grant Revenue: Federal, State, County, Tourist Development Council (TDC), Department of Transportation (DOT), St. Johns River Water Management District (SJRWMD) as well as other agencies as funding is available. Including grants, the City receives: $38/month or $455/year per city resident. Not including grants the City receives: $33/month or $393/year per city resident.

  31. Palm Coast Citizen’s Tax Bill Emergency Services Additional Law Enforcement Public Safety Code Enforcement Housing Programs Streets (including Maintenance and Resurfacing) Quality Neighborhoods Parks, Paths and Trails (including maintenance and construction) Indirect Costs and Others Parks & Trails $38/Month or $455/Year pays for:

  32. Revenue Diversification

  33. Revenue Diversification Options

  34. Revenue Diversification Options

  35. Revenue Diversification Options • Approximately 83% of Florida Municipalities have at least 1 Public Service Tax • Neighboring Cities with a Water and/or Electric Public Service Tax: • Ormond Beach Electric  10%  • Daytona Beach Electric 10% • Deland Electric 10% Water 10% • St. Augustine Electric 10% • Flagler Beach Electric 10% Water 10% • Bunnell Electric 10% Water 10% This information was provided by the Florida Department of Revenue.

  36. Revenue Diversification Benefits • Higher level of control of revenue sources by City Council • Decrease in reliance on property taxes • 10 mill State cap • More equitable distribution of tax burden • Commercial vs. Residential • Visitors vs. Residents • Higher level of equity for services provided versus services paid for

  37. Looking Ahead • July: • 12th - Budget Workshop - General Fund • 19th - Adopt Maximum Millage Rate • 26th - Budget Workshop - Proprietary Funds • August: • 9th - Budget Workshop – Special Revenue Funds & Capital Funds • 23rd - Final Proposed Budget Presentation • September: • Public Hearing to tentatively adopt millage rate and budget • Final Public Hearing to adopt final millage and budget

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