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Okaloosa County BOCC — September 15, 2014 — CA Slides — reading text
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Legal Requirements
1. Amend and adopt any changes to the tentative budget
2. Re-compute any changes to the proposed millage rate
3. Publicly announce the percent, if any, by which the re-computed millage exceeds the
rolled-back rate (RBR)
Ø Percentage increase in millage over rolled-back rate
Taxing Authority RBR Proposed (1)(2) __%__
County 3.3244 3.4308 3.20%
MSTU – Parks 0.1747 0.2990 71.15%
Aggregate 3.4095 3.5729 4.79%
Ø Adhere to state mandated rolled-back and percentage reduction
(1) The millage rate set by the final hearing shall in no event be higher than that set at the tentative
hearing.
1
Aggregate Millage Comparison
(First seven lowest in State)
5.5
5.2003 5.2687
5
4.5
4.1505
4 3.948
3.8076
3.6761
3.5729
3.5
3
Okaloosa Walton Sarasota Monroe Collier Lee Bay
Aggregate Millage Comparison
(By Taxable Value)
10
8.8144
9
7.8653
8 7.4538
7 6.6071
6.0953
6 5.5477 5.2687
5
4 3.6761 3.5729
3
County Debt Per Citizen
(By Similar Taxable Value in FY 12)
$600
$493
$500
$389 $410
$400 $366
$288 $271
$300
$200 $178
$100
$0
Indian Leon Escambia Okaloosa Bay Marion Lake
River ($13.4B) ($13.5B) ($13.6B) ($13.8B) ($13.9B) ($14.7B)
($12.7B)
Total Budget
(Last 10 Years-in millions)
350.0
$313.2 $310.0
$304.1
300.0 $292.3
$280.4 $279.9
$263.6 $261.6 $257.2
250.0 $238.4
200.0
150.0
100.0
50.0
0.0
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015
Standard & Poor's Ratings Services
raised from ‘AA-‘ to 'AA'
• Okaloosa County's economy strong with projected per
capita effective buying income of 109% of national level
• Budgetary flexibility is very strong with available,
unassigned general fund reserves of $6.6 million
• County levies 3.4308 millage that is well below the 5.8907
maximum they could levy
• County's debt profile is very strong
– Net direct debt was 30.5% of total governmental funds revenue
in FY13
– Debt service was just 2% of total governmental funds
expenditures
– Overall debt is very low at less than 1% of estimated market
value
Impact of Proposed MSTU Millage Increase
(Annual Increase by Taxable Property Value)
$45.00
$40.00 $41.65
$35.00 $35.70
Annual Tax Increase
$30.00 $29.75
$25.00
$23.80
$20.00
$17.85
$15.00
$11.90
$10.00
$5.00 $5.95
$0.00
$50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000
Taxable Property Value
Impact of Proposed MSTU Millage Increase
(Monthly Increase by Taxable Property Value)
$4.00
$3.50 $3.47
$3.00
Monthly Tax Increase
$2.98
$2.50 $2.48
$2.00 $1.98
$1.50 $1.49
$1.00 $0.99
$0.50 $0.50
$0.00
$50,000 $100,000 $150,000 $200,000 $250,000 $300,000 $350,000
Taxable Property Value