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)