02-24-2026 Council [36:30-41:34]

Thank you. We updated more financial plans to improve the actual results of 2025. We also have a personal level analysis model up and running, so we were able to run that analysis, to give you an idea of what we may lose and revenue to so that we're all back one. We've had to run that analysis for 2025. Data for the most part because we're so willing for the state to do this 2026. But we should have that in April and we will run that for you. In fact, I have an updated rate number of services I wanted to cover after this presentation, but we will be able to update that for you. So before I get into kind of the very brief summary of the updated financial analysis, I want to go over a few things. One is the 2025 legislative changes. I know in that half of last year, but it's so important because it does impact your revenues. So as you know, that will be focused on property tax relief. And we'll hear last year telling you what the estimates were that were from legislative services. Unfortunately, after we ran through our model, it's double what legislative services had told us last year. But we suspected that might be the case because legislative services did not incorporate all the changes. It was just a few of the changes. So right now today, if you look on page 3 of my handout or side 3, I'm sorry. What we're looking at for the revenue reduction impact is for 2026, 1,136,000. Now compare that to when we were in 2025, which was only 600 and 33,000. I say only that's so hot. So that's a $513,000 increase. So what does that mean? That means you should accept to see a reduction or more on property tax revenue. And I'm going to show you how that affects it to be a property tax-supported funds. Now, that is an estimate for the sake of the day. I can tell you that 2026 actual numbers will be available at the beginning of April. So after tax flows are calculated, the department of local government finance will post that on their website. And we will monitor that on a regular basis so as soon as it gets posted, we will let you know. But right now, at least from our model, it looks like it's going to be about 1.1 million. 2027, it is going to go up a bit. We've got it going up right now about $43,000 so that it will go up to $1,179,000. And so again, these are property tax credits issued to tax payers. So the reason why it's going up is that additional property tax will remove that was passed and sent mail back to one. Now we'll get to 2028 and it drops. And the reason is because you're like a lot of other counties who have local income tax paying for property tax delivery. It's a bit PTRC is what they call it. If that is eliminated, as we think it is in 2028, then that won't be very long, so if you have credit to the tax payers, now there should be more circuit records. So that's why you see that job up. So that job up in 2028 is about $478,000. Now, let me just stop there for one second because right now there's proposed legislation to delay the new local income tax structure to 2029. So should that happen, the same job is going to happen in 2029, not 28. I fully anticipate that delay is going to pass. So that's a good thing. We have more time to fill in all this stuff out. And also, I heard that the delay is because the department of revenue still doesn't have the information removed to make good decisions. Because, you know, so they're kind of, I guess, or we understand why. We've never had to understand what a person, not just a person, how wise my move is how. And now we do for this new structure. So anyway, there's slightly going to be a delay. So in 2029, we'll see another little increase. We'll see another little increase in 2030 and 2031. Because that, the department's actually stresses in over a five year period to 2031.