Rollingwood City Council raises tax rate, approves FY 2017-18 budget

Rollingwood City Council set the fiscal year 2017-18 tax rate and budget at a meeting Sept. 20.

Rollingwood City Council set the fiscal year 2017-18 tax rate and budget at a meeting Sept. 20.

Rollingwood City Council adopted a tax rate of $0.2089 per $100 valuation for fiscal year 2017-18 on Wednesday, an increase of $0.0087. The FY 2016-17 tax rate was $0.2002 per $100 valuation.

By adopting the rollback rate, the city will generate $72,632 more revenue compared to the effective rate, or the rate that would have allowed Rollingwood to bring in the same amount of tax revenue as FY 2016-17. The rollback rate represents the most a city can increase the tax rate by without seeking voter approval, an increase of 7.99 percent.

The tax rate increase comes one year after City Council decreased the tax rate by $0.0019. The FY 2015-16 tax rate was $0.2021.

City Council also approved the FY 2017-18 budget. Overall, Rollingwood is projected to earn $4,697,023 in revenue and spend $4,461,731 in expenditures, representing a surplus of $235,292 during the fiscal year.


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