PANAMA CITY — The Panama City Commission approved the rollback rate of 3.86 as its maximum millage for the 2014-15 budget but voted to keep the millage the same for the Downtown Improvement Board at 2.89, decreasing tax revenue for the organization.
A mill is equal to $1 for every $1,000 of taxable value.
Commissioners briefly discussed going with the 4.71 maximum rate for TRIM notices, due at the end of July, to allow for leeway.
“I can’t see a situation where we would raise taxes,” Commissioner John Kady said.
The commission is lowering the millage from 3.87, but with a 1.3 percent increase in property values, keeping the 3.87 number would have amounted to a revenue increase of $17,000. The total expenditures in the budget are $93,322,764.
Proposed capital improvements include the
DIB
Keeping the Downtown Improvement Board’s millage the same will amount to a $2,000 decrease in revenue for the board, with property values falling 1.39 percent in the downtown area —
The commission also asked for more financial information from the DIB concerning its budget, especially actual figures for two previous years to compare to the 2014-15 proposal.
“No individual has a higher tax burden than downtown merchants,” Kady said. “I tended to just rubber-stamp the budget with DIB; I’m taking it a little more seriously.”
Kady specifically questioned booth fees and beer sales. He believes the DIB should be making more money off beer, at least a 3-to-1 profit; it is currently at a 2-to-1 profit.