PANAMA CITY — If you live in the city, here’s a little good news: Panama City staff is recommending a tax decrease.
Officials are proposing a max millage rate of 3.86 for the city budget, down from 3.87 mills in 2013-14. The Panama City Commission will have its first budget meeting at 2 p.m. Tuesday at 9 Harrison Ave.
A mill is equal to $1 for every $1,000 of taxable value.
Budget officer Brandy Waldron said property values increased 1.3 percent. The St. Andrews Community Redevelopment Agency District accounted for the difference, while some other CRA districts, including Downtown and Downtown North, were down. The ad valorem revenue for 2013-14 was $8,173,888, with $1,048,266 going to the CRA, and the city brought in $7,678,000 from the 1 percent merchant tax.
The proposed 2014-15 budget includes increases in water and sewer rates — up 3.03 percent and 1.41 percent, respectively — to match the 1.6 percent increase from Bay County and increase from the Public Service Commission Index. The water fund was budgeted at $6 million in revenue and sewer was $9.25 million for 2013-14.
Total expenditures in the proposed budget amount to $93,322,764, which includes $3,840,269 for the CRA. The police and fire departments, lumped together as public safety, account for the largest departmental expense at $16.8 million.
Capital improvements are projected to cost $9.1 million. Projects include the Jenks Avenue widening with a $1.6 million commitment in 2014-15, the Jenks resurfacing from 15th Street to 23rd Street at $650,000 and Fourth to 15th Street at $485,000, multisite dredging at $477,000, and improvements at Frank Nelson Park at $450,000.