Okaloosa County BOCC — April 9, 2013 (meeting #1123) — reading text

of a specific "basket" of goods and services. The Employment Cost Index 4.5 4.1 4 3.4 3.5 (ECI) measures changes in compensation costs. 3.5 3.3 3.1 3.0 Inflation erodes the purchasing power of the dollar 2.7 3 3.5 2.2 3.1 and is an indicator of how much additional money 2.5 1.7 2 1.5 is required to purchase the same amount of goods 2.1 2.5 1.5 1.9 and services. The CPI and the ECI rates are at 1.9 1 0.1 1.2 1.7% and 1.1%, respectively, this year as depicted 0.5 1.0 1.1 in the graph to the right. The ECI shows wages and 0 Attachment: Budget Policy Document FY14 (1578 : Budget Policy Document) 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 salary costs for State and local government employees, only. CPI ECI Per Capita Property Tax Per Capita Property Tax. This indicator measures the $750 burden of the countywide millage of property taxes per 649 capita based upon the latest Department of Revenue and $600 Florida Association of Counties, "Millages by County" 489 446 table of 2012. Okaloosa County's per capita property 385 384 $450 336 tax has decreased slightly due to continued reduction in 297 283 270 266 226 $300 countywide valuation of property and continued millage 194 reduction while increasing in population more than $150 certain other counties compared. As compared with $0 counties of similar size or geographical location in the chart to the left, Okaloosa County ranks second lowest Escambia Bay Hernando Charlotte Clay St Johns Okaloosa Alachua St Lucie Santa Rosa Osceola Walton of the per capita property tax for Fiscal Year 2012. Assessed Property Value. Without increases in Assessed Property Value assessed value, the Board of County Commissioners $20,000 loses flexibility in raising revenues without a millage increase. The average taxable property valuation and $17,500 new construction valuation for the last ten years has $15,000 been $14,610,142,200 and $387,267,750, respectively, as demonstrated in the graph to the right $12,500 Millions and the table on page 3. Since 2007 until 2012 the $10,000 valuation has declined back to around the 2005 $7,500 valuation level. The value last year decreased, although the trend in the decline seemed to slow $5,000 somewhat. The new construction amount increased $2,500 slightly after steady declines for a number of years. The County foresees total value leveling off $0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 somewhat with new construction returning to minimal growth patterns. Taxable Value New Construction Page 2 Packet Pg. 9  1.b POPULATION AND ASSESSED PROPERTY VALUE - TEN YEAR HISTORY BEBR Population Assessed Property Value Tax % Taxable % New % Year Population Increase Value Increase Construction Increase 2012 187,280 3.1 $13,565,838,217 -1.6 $150,981,280 29.1 2011 181,679 0.1 $13,781,239,430 -4.9 $116,982,246 17.7 2010 180,822 -0.1 $14,499,871,635 -10.4 $99,333,290 -63.8 2009 181,281