001Go ahead, Dr. Sultan. Okay. Thank you. Good evening. We will now call this meeting to order at 6:16 p.m. This millage rate hearing is required per Georgia Code 48-5-32.1, which specifies that whenever there is a levying authority that proposes to establish a general maintenance and operations millage rate that would require increases beyond the roll back rate. The recommending authority shall conduct a minimum of three public hearings. Today's hearing is the second of three hearings. This hearing is similar to public comment at our monthly board meeting. Therefore, members of the board will not address persons commenting or speak to the substance of any comments made during the millage rate hearing. Instead, a member of the administrative team will follow with persons commenting or asking questions. Dr. Broom, chief financial officer, please proceed with the mill rate
002hearing presentation. Thank you, Dr. Sult. Good evening. Although the budget is aligned directly with all four strategic accelerators, the budget falls under strategic accelerator number four, organizational effectiveness and excellence through financial transparency. The budget process is ongoing. However, the official fiscal year 26 budget adoption process began in September with a review of the budget timeline. Since that time, budget discussions have taken place each month. From October 2024 to January 2025, board presentations and discussions included the adoption of the budget timeline, a review and discussions of fiscical year 25 school allotment guidelines, budget parameters and priorities, a review of the fisc year 24 budget and actual expenditures, fiscical year 25 salary and benefit comparison to the other metro Atlanta districts, and a presentation by the external auditors on the management and efficiencies of the fiscal year
00324 finances. Each month this fiscal year, the board and community have been presented with various financial reports on all funds and presentations from external partners, including the tax commissioner's office indicators city manager. Multiple drafts of the fiscal year 26 budget were presented in addition to community meetings to give all stakeholders an opportunity to comment, ask questions, and receive feedback on the budget. The board adopted the tenative budget in April and after a bud board community meeting and two public budget hearings, the board adopted the final budget and approved the tenative fisc year 25 millillage rate of 2030. At the May 14th board meeting, the tenative mill rate remains the same as this year's fisc year 25 mill rate. Today's mill rate hearing is the second of three hearings. A millage rate is a property tax
004on the value of a property. One meal is equivalent to a tenth of a percent. One meal translates into $1 of property taxes per $1,000 of assessed value. Therefore, 20.30 meals, which is the tenative adopted milit rate, would equate to $20.30. 30 per $1,000 of assessed value. A millage rate is the determining factor when calculating property taxes. The taxpayers bill of rights is Senate Bill 177 in Act 431 and was signed April 30th, 1999 and became effective January 1st, 2000. The bill's main purpose is to enhance individuals property owners rights and transparency by ensuring all stakeholders are informed. Taxing authorities such as the board of education are required to hold three public hearings if adopting a millage rate higher than the computed roll back rate. The computed roll back rate is 19.083. and the tenative
005millage rate under adoption is 20.30. Additionally, the bill prevents indirect tax increases resulting from increasing existing property values due to inflation. The board of education has tentatively adopted to maintain the current mill rate of 20.30 for fiscal year 2026. The final adoption of the military rate is scheduled for June 20th at 6:30 p.m. There are numerous justifications for maintaining a military above the roll back rate of 19.083, 083, including funding the state's unfunded mandates for health benefits and teacher retirement increases, providing life insurance and competitive salary increases to all full-time employees. Investing in critical areas such as safety and security, special education, and instruction. allowing the district to maintain a fund balance within the 4 to 15% range as specified by board policy DCL. The budget also includes the addition of six school-based positions and
006an executive director position in the deputy superintendent's office. Per OCGA code section 48-5-32.1, the district is required under the taxpayers's bill of right to compute the roll back millage rate that will produce the same revenue that would have been produced on the current digest if last year's millage rate was unchanged and no reassessment occurred. This slide is the computed rollback millage rate. In the middle of the form under the title calculation of rollback rate, the roll back roll back rate listed in red is 19.083. This is 1.217 mills less than the current millage rate of 20.30. This means if the district elected to collect the same amount of property tax revenue for next fiscal year, fiscal year 2026 as was collected for this fiscal year, the mill rate would need to be rolled back 1.217
007mills to 19.083. In the lower right corner in red is the percentage increase in property taxes for the millage rate of 20.30 30 compared to the rollback millage rate of 19.083, there is a 6.38% increase. This means for a property with a fair market value of $700,000, the tenative annual tax increase would be approximately $426. And for nonhomestead property with a fair market value of $900,000, the tenative annual tax increase would be approximately $548. The average tax increase would equate to approximately $61 for every $100,000 of assessed property value. Whenever the millage rate exceeds the roll back rate, Georgia law requires districts to issue a press release, advertise the five-year history of levy, advertise the public hearings, and hold three public military hearings. Advertisements were listed in the Champion newspaper and are on the district's
008website. This is the press release that was sent to the Champion newspaper announcing the 6.38% increase over the roll back millage rate and the dates and times of the public hearings and board meetings board meeting for final adoption. This slide is the advertisement of the current 2025 property tax and 5-year history of levy. The history of levy shows the gross digest value highlighted in yellow, less exemptions highlighted in blue, which gives you the net digest value highlighted in orange. The net digest value multiplied by the millage rate gives you the total taxes levited. For the current budget at a millage rate of 2030, the total taxes levit for 2025 are $65.2 2 million shown highlighted in gray. After subtracting out collection fees, delinquent accounts, and appeals, the actual collection is estimated at $64 million. This
009slide is the notice of property tax increase. The notice of property tax increase was advertised in the Champion newspaper on June 5th and will be advertised on June 13th. The notice advertises the 6.38% increase in property tax and dates and times of the three hearings. Additionally, this notice provides the financial impact of the increase for a home with a fair market value of $700,000 and nonhomestead property with a fair market value of $900,000. As explained on a previous slide, this slide shows a visual of the district's millage rate history from 2017 to present. The millage rate increases and decreases are directly related to the economy and needs of the district. Fiscal year 26 mill rate was tentively adopted at 20.30, which is the same mill rate as the current year. This is your fiscal year
01026 budget with a millage rate of 20.30. Total expenditures and total revenues are highlighted in yellow. Total expenditures exceed total revenue by $3.1 million shown on the table to the right highlighted in yellow. The $3.1 million will be deducted from the projected beginning fund balance, leaving a projected ending fund balance of approximately $17.7 million, highlighted in yellow on the table to the right. Next steps in the fiscal year 26 budget process are the final public mill rate hearing and final adoption of the property tax milit rate on June 20th at 6:00 p.m. and 6:30 p.m. resp respectively. The millage rate hearing and the special board meeting are virtual and the link is on the district's website along with the dates and times of the meeting. The budget feedback link is active 24 hours a day
011and 360 days a year. This link can be scanned and is on the district's website. This will conclude the second of three public rate hearing presentations. Thank you Dr. Broom for the presentation. Essen, do we have anybody who has signed up for public comment? Uh we do not have anyone of our attendees who have clicked the raise hand button to speak. No ma'am. Okay. Thank you so much. So at this time we will move to adjournment. Thank you so much for attending the second of three mill rate hearings. The board's third mill rate hearing will be held virtually on June 20th at 6:00 p.m. followed by the final approval of the miller rate at 6:30 p.m. The same Zoom link which is on the district's website can be used to access both meetings. This meeting
012is adjourned at 6:28 p.m. Thank you.