001All right. Go ahead, Dr. Sultan. All right. Thank you. We will now call this meeting to order at exactly 9:00 a.m. This millage rate hearing is required per Georgia Code 48-5-32.1, which specifies that whenever a levying authority proposes to establish a general maintenance and operations millage rate that would require increases beyond the roll back rate, the recommended recommending authority shall conduct a minimum of three public hearings. This hearing is similar to a 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 up with persons commenting or asking questions. Dr. Broom, chief financial officer, please proceed with the mill rate hearing presentation. Good morning and
002thank you. Although the budget is aligned directly with all four strategic accelerators, the budget falls under strategic accelerator for 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 discussion 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 comparisons to the other metro Atlanta districts, and a presentation by the external auditors on the management and efficiencies of the fiscal year 2024 finances. Each month the fis each
003month 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 an opportunity to comment, ask questions, and receive feedback on the budget. The board adopted the tenative budget in April and after a board community meeting and two public budget hearings, the board adopted the final budget and approved the tenative fiscal year 25 millillage rate of 20.30 30 at the May 14th board meeting. The tenative millage rate remains the same as this year's fiscal year 25 mil rate. Today's milit rate hearing is the first of three hearings. A mill rate is a property tax on the
004value 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 day. Therefore, 2030 meals, which is the tenative adopted millage rate, would equate to $20.30 per $1,000 of assessed value. A mill rate is the determining factor when calculating property taxes. The taxpayer bill of rights is Senate Bill 177 and Act 431 and was signed April 30th, 1999 and became effective January 1st, 2000. The bill's main purpose is to enhance individual 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 mill rate under
005adoption 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 millage rate of 20.30 for fiscal year 2026. The final adoption of the millage rate is scheduled for June 20th at 6:30 p.m. There are numerous justifications for maintaining a millage rate above the roll back rate of 19.083, 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. invested in critical areas such as safety and security, special education, and instruction, allowing the district to maintain fund 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, an executive director
006director in the deputy superintendent's office, and three school resource officers contracted from the city of Decada. Per OCGA code section 48-5-32.1, the district is required under the taxpayers's bill of rights 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 roll back millage rate. In the middle of the form under the title calculations of roll back rate, the roll back rate listed in red is 19.083. This is 1.217 meals less than the current millage rate of 20.30. This means if the district elected to collect the same amount of property revenues for next fiscal year, fiscal year 26 as we collected for this fiscal year, the millage rate
007would need to be rolled back 1.217 mills to 19.083. In the lower right corner in red is a percentage increase in property taxes for the millage rate of 20.30 30 compared to the roll back 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 approval the tenative annual tax increase would be approximately $426. And for nonhomestead property with a value 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 years. Advertisements
008were listed in the Champion newspaper and are on the district's website. This is a press release that was sent to the Champion newspaper announcing the 6.38% increase over the roll back rate and the dates and times of the public hearings and board meetings 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 levit for the current budget at a millage rate of 20.30. 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
009annual collection is estimated at $64 million. This slide 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. This notice advertises the 6.38% increase in property tax in the 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 2026 millage rate was tentatively adopted at 20.30, which is the same millage rate
010as the current year. This is your fiscal year 26 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 fiscical year 26 budget process are the remaining two public bud mill rate hearings and the printing of the fiscal year 26 budget book. The second mill rate hearing is at 6:15 p.m. this evening. The third and final millage rate hearing is at 6:00 p.m. on June 20th. And the final adoption of the millage rate will occur on June
01120th at 6:30 p.m. The millage rate hearings in the special board meetings are all virtual and the link is on the district website along with the dates and times of the meeting. The budget feedback link is active 24 hours a day and 360 days a year. The link can be scanned and is on the district's website. This will conclude the first of three public mill rate hearing presentations. Thank you Dr. Broom for the presentation. Um Essen, do we have anybody signed up for public comment? Uh Dr. Sultton, no one has uh raised their hand for public comment. Thank you so much. Then we'll move to adjournment. Thank you for attending the first of three mill rate hearings. The board's second mill rate hearing will be held virtually this evening, Thursday, June 12th, at 6:15 p.m.
012using the same Zoom link which is on the district's website. This meeting is adjourned at 912 a.m.