Panama City commissioners tentatively approve lowered millage rate
PANAMA CITY, Fla. (WJHG/WECP) - Panama City Commissioners held a tentative budget hearing Monday to discuss adopting a new millage rate for Panama City. City officials said it’s not about creating more revenue, but putting the revenue in the right place.
This was the first public hearing held to discuss changing the city’s millage rate from 4.999 to 4.899. City Manager Mark McQueen said the city gets less money with this new lowered millage rate, but there’s a surplus in revenue from the city growing so much in the past year. This tax money is designed to support the general fund for the city. McQueen says it will go towards employee salaries and capital improvement projects.
“The city commissioners and the mayor are committed to making it more cost-effective to live in the City of Panama City, to own property in the City of Panama City and driving down the millage rate while finding alternative revenue sources such as the merchant fee and other things that will help us to offset those revenue reductions,” said McQueen.
As the city continues to grow, the goal is to continue to lower this tax rate.
The tax was tentatively voted in favor Monday night. The final budget hearing will be held on September 27th to see if they will adopt the 4.899 millage rate.
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