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Ms. Cipriano advised that she contacted Ms. Tiffany Boyle, Commissioner of the Revenue, due to
timing, a reduction in personal property tax was no longer an option.
Value of Tax Rate in Revenue Generated
Reference:
1) Real Estate Tax – 1 penny = $2,123,225
2) Personal Property Tax – 5 percent (5%) = $1,562,500 per tax cycle
a. This tax is calculated on a Calendar Year
b. At 5%, total revenue is $3,125,000, split between two fiscal years
3) Meals Tax – 1/2 percent (0.5%) = $2,133,333
4) Amusement Tax – 1 percent (1%) = $82,500
Ms. Cipriano shared with option 2 (shown below) there would be 1 cent on the real estate tax rate and
0.5% on meals tax which would generate $4.2 million in revenue change in the general fund. She
reminded the budget must be balanced, so any revenue changes coming to the general fund would
need to be offset by an expenditure in the general fund. Once City Council had discussed and
considered one of the options, the City Manager would return with a recommendation on how to
balance the revenue change by an expenditure in the general fund.
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