DATE: May 7, 2015
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
SUBJECT:
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Consideration of Ordinance 2015-14, An Ordinance of the City of Franklin, TN, Establishing the Municipal Property Tax Levy for the Fiscal Year 2015-2016, and Providing an Effective Date; (05/14/15 Finance 3-0, 05/26/15 BOMA 1st Reading 7-0, 06/09/15 2nd Reading and Public Hearing 7-0). THIRD AND FINAL READING
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Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning the proposed property tax rate for Fiscal Year 2015-16.
Background
The Franklin City Charter, Article II and Article IX, provides for the assessment, levy and collection of City taxes. The Board of Mayor and Aldermen of the City of Franklin is charged with determining the property tax rate necessary to fund the annual operating and capital equipment budget of the City. The owners of all property, real, personal and mixed, within the corporate limits of the City of Franklin (except such property as shall be exempt by the laws of the State of Tennessee) shall for the fiscal year 2015-2016 pay a tax of 40.65 Cents ($.4065) to and for the use of the City of Franklin on each One Hundred Dollars ($100.00) of assessed valuation of such property, and pay a proportional amount of tax for each amount of assessed valuation under One Hundred Dollars ($100.00), all of said taxes to be collected by the proper officers of the City of Franklin for use in funding, in whole or in part, the budget.
Financial Impact
The tax rate shall be divided, after deduction of amount due to Franklin Industrial Development Board, as follows: General Fund 15.17 cents ($0.1517), Debt Service Fund 22.48 cents ($0.2248), Street Aid Fund 1.50 cents ($0.0150), and Capital Projects Fund 1.50 cents ($0.0150.)
Recommendation
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Staff recommends approval of the Ordinance.