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.