2018 Supplemental Budget Report - Laserfiche WebLink

Home Browse Search

payment on the 2004 General Obligation Library Bonds and for the initial debt service payment on the 2017 General Obligation Recreation Center Bonds. The City's 2017 net assessed valuation has been certified at $639,643,203. This is approximately $7.2 million, or 1%, less than the preliminary assessed value that Council worked with during the 2018 budget process. However, it is still nearly a 17% increase over the 2016 net assessed valuation. The City's net assessed valuation refers to its gross assessed valuation less the incremental assessed valuation captured by the Urban Revitalization District. The District's incremental assessed valuation has been certified at $14,952,825. The District's property tax revenue is determined by the overlapping mil levies applied to its incremental assessed valuation. For the 2016 levy year (2017 collection year) the District's overlapping levies amounted to approximately 88 mils. Based on the City's final assessed valuation and the funds required for debt service in 2018, staff is recommending a total 2017 mil levy, for collection in 2018, of 8.869 mils, as summarized in the following table. General Levy Library Bonds Debt Service Levy Rec Center Bonds Debt Service Levy Total City of Louisville Mil Levy [1] Levy Year 2016 [1] 2017 [1] 5.184 5.184 1.526 0.900 - 2.785 6.710 8.869 The 2017 levy for the General Obligation Library Bonds (0.900 mils) will be the last levy required for this issue. OPERATING EXPENDITURE ESTIMATES & TARGETS The next table summarizes the operational expenditure estimates for 2017 and 2018 that have been incorporated into the 2018 Operating & Capital Budget and the 2019 - 2021 used in the Long -Term Financial Plan. 3