Thank you.

We're recording.

Okay.

All right.

So we need a motion to come out of work session.

No, sir.

We do not.

You're in you're in recess.

Okay.

All right.

All right.

So we are here for a public hearing for the 2025 millage rate.

And we will have a presentation from our assistant city manager who is also covering as our finance department chair.

Director.

Thank you, Mayor.

Good evening.

This is our second public hearing today.

We have a public hearing today at 11 a.m.

on the 2025 millage rate is where we are required.

This public hearing has been advertised as required by the state law.

A little bit of background about the about the millage rate.

Fulton County assesses the value of real and personal property in the city.

The assessed value is 40% of the fair market value.

And the assessed value of all the properties in the city is called the tax digest.

That's what we refer to it as.

The city council sets the millage rate annually.

Millage rates levied against the tax digest by each taxing jurisdiction, which the city is just one of.

So there's the school board, there's the county, and the city.

And millage rates are stated in dollars per 1,000 of net assessed value.

So for example, if a home is $100,000 value, then 40% of that, the 40,000 is its assessed value.

And if we had a millage rate of five mills, then the pri the city property taxes would be 200 dollars.

And on the screen you can see the current rates.

School is 17.080.

The county is 8.870.

The county bond is 0.170.

The city's MO rate is 3.646, and the city's bond rate is 0.250.

The total overall millage rate is 30.016.

This slide depicts the city's MO, which stands for maintenance and operations millage rate within Fulton County, all the cities within Fulton County, and you can see Johns Creek is in the middle.

It's the bluish color, and it is the lowest.

Johns Creek typically has the lowest rate of all the cities in the county.

This chart depicts the city's historical millage rate starting from 2006 through 2024.

You can see in 2023 and 2024, the millage rate was the same at 3.646 mills.

This chart layers in the amount of property tax revenue that we receive from that millage rate.

So the green line, kind of lime green line going across the top there, shows the amount of property taxes that the city receives based on that millage rate.

That's levied.

That's the revenues that we receive.

Property tax revenue is about 27% of the general fund base, and it provides the funding for the city's current extended level of service, such as police and fire service, her capital projects and enhancements, all the other departments of the city.

And then providing funding for council initiated strategic priorities as well as our adopted capital plan.

This is an increase of $326 million over 2024 or $2.25%.

That growth comes from the $326 million.

Growth is made up of $276 million of reassessment of existing real property and $50 million from growth, new growth.

That's new residences as businesses.

That is $3.646 per $1,000 of assessed value.

The rollback rate is $3.492 mills, and that is $3.492 per $1,000 of assessed value.

The city also levies a park's bond millage rate to provide funding for servicing the debt, paying the principal and interest on the parks bonds that were issued previously by the city.

That's 0.250 mills, and that provides that principal and interest.

The rollback rate for the park bond is 0.242 mills.

The 0.25 mils is 0.250 per 1,000, and the rollback rate is 0.242 per 1,000 of assessed value.

So I mentioned earlier this is second public hearing, and there is one more public hearing on July the 28th at 7 p.m.

in conjunction with the city council meeting, and that would be for adoption of the 2025 millage rate.