Illustrations of TMMD's Taxing Limitations
In an effort to better answer the question “What is the highest TMMD can set the mills without first obtaining voter approval?” the following illustration has been prepared:
GENERAL/OPERATIONS FUND MILLS ILLUSTRATION - 2015 figures
Based on TMMD’s 2015 Mill Certification, 30 mills = $723,111 in revenue to TMMD.
1 mill = $24,103.70 in revenue to TMMD in 2015.
TMMD cannot collect more than $500,000/year for the General Operating Fund.
If 1 mill = $24,103.70 in 2015, and TMMD cannot collect more than $500,000/year for operations, TMMD could have collected a maximum of approximately 20.73 mills in 2015 for operations.
DEBT/BONDS FUND MILLS ILLUSTRATION - 2015 figures
TMMD can impose whatever mill is necessary to pay the bonds/debt up to 66.027.
Based on 2015 Budget, $730,646 in debt is due/payable in 2015.
If 1 mil = $24,103.70 in 2015 and TMMD has $730,646 in bond payments for 2015, TMMD could have collected up to 30.31 mills for the debt fund* in 2015.
*Monies collected for the debt fund must be applied to the existing debt service.
COMBINED TOTALS FOR DEBT FUND & GENERAL FUND LIMITS:
Based on the above illustrations, the combined maximum mill levy TMMD could have set in 2015 was 51.04 (20.73 General Fund + 30.31 Debt Fund)
Based on TMMD’s 2015 Mill Certification, 30 mills = $723,111 in revenue to TMMD.
1 mill = $24,103.70 in revenue to TMMD in 2015.
TMMD cannot collect more than $500,000/year for the General Operating Fund.
If 1 mill = $24,103.70 in 2015, and TMMD cannot collect more than $500,000/year for operations, TMMD could have collected a maximum of approximately 20.73 mills in 2015 for operations.
DEBT/BONDS FUND MILLS ILLUSTRATION - 2015 figures
TMMD can impose whatever mill is necessary to pay the bonds/debt up to 66.027.
Based on 2015 Budget, $730,646 in debt is due/payable in 2015.
If 1 mil = $24,103.70 in 2015 and TMMD has $730,646 in bond payments for 2015, TMMD could have collected up to 30.31 mills for the debt fund* in 2015.
*Monies collected for the debt fund must be applied to the existing debt service.
COMBINED TOTALS FOR DEBT FUND & GENERAL FUND LIMITS:
Based on the above illustrations, the combined maximum mill levy TMMD could have set in 2015 was 51.04 (20.73 General Fund + 30.31 Debt Fund)
