FINANCIAL BUSINESS REQUEST (FBR)
Motion/Request:
title
MOTION to rescind the Town Council’s action of June 11, 2025 setting the Fiscal Year 2025/2026 Real Estate and Personal Property Mil Rate of 37.16 and a Motor Vehicle Mil Rate of 32.46.
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Background:
June 11, 2025 Town Council Meeting:
With both the May 20, 2025 Referendum and the June 10, 2025 Referendum Failing at the Town Council’s Special Meeting of June 11, 2025 additional Budget Adjustments were made that reduced the previously projected Mil Rate Increase from 1.99 to 1.95; calling for a Real Estate and Personal Property Mil Rate of 37.16.
Subsequent to the June 11, 2025 Town Council Meeting it was realized that there was no funding coming from the Tax Levy (General Government Operating Budget) for the Board of Education Capital. With the Budget Adjustment to move the Board of Education $45,000 reduction from Capital to their Operating Budget, the final calculation for the Mil Rate was reduced by 0.02 mils for a mil rate increase of 1.93. Therefore, the June 11, 2025 action was being rescinded for the Town Council to act on the corrected Real Estate and Personal Property Mil Rate of 37.14.
In accordance with the Town Charter, Chapter VII; Section 6 "On or before the first day of July the Town Council shall fix the tax mils fourth Monday in June.
Department Comment/Recommendation:
Finance Director Comment/Recommendation:
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Mayor Comment/Recommendation:
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Meeting Action Detail: