“New Growth” is the increase of the property tax base beyond basic inflation, and is mainly the result of new construction, “teardown” replacements, and significant additions to existing property. New Growth is in addition to the growth limit of Prop 2 1/2. You can read more about New Growth in “Levy Limits: A Primer on Proposition 2 1/2“.
New Growth is not known at the time budgets are approved, so must be estimated based on historical averages and best judgement. New Growth in excess of the estimate will be returned for use in future years as Free Cash. New Growth is highly dependent on major new developments, and economies that encourage additions to existing properties.
Forecasts for new growth start at $650,000 for the current fiscal year and are reduced $50,000 each year to $450,000 in the fourth year of the Long Range Plan. This is a conservative estimate, anticipating the possibility of an economic downturn and will be revised each year.
New Growth History and Projections FY 2006-FY 2024
| Fiscal Year | "Normal" | Brigham Square | Symmes | Total | |
|---|---|---|---|---|---|
| FY 2006 | $844,013 | $844,013 | actual | ||
| FY 2007 | $887,247 | $887,247 | actual | ||
| FY 2008 | $640,013 | $640,013 | actual | ||
| FY 2009 | $642,912 | $642,912 | actual | ||
| FY 2010 | $726,955 | $726,955 | actual | ||
| FY 2011 | $656,751 | $656,751 | actual | ||
| FY 2012 | $522,167 | $522,167 | actual | ||
| FY 2013 | $516,404 | $128,657 | $12,142 | $657,203 | actual |
| FY 2014 | $448,797 | $180,666 | $764,490 | $1,393,953 | actual |
| FY 2015 | $947,322 | $307,971 | $1,255,293 | actual | |
| FY 2016 | $1,337,666 | $1,337,666 | actual | ||
| FY 2017 | $1,070,144 | $1,070,144 | actual | ||
| FY 2018 | $1,263,812 | $1,263,812 | actual | ||
| FY 2019 | $981,206 | $981,206 | actual | ||
| FY 2020 | $650,000 | $650,000 | forecast | ||
| FY 2021 | $600,000 | $600,000 | forecast | ||
| FY 2022 | $550,000 | $550,000 | forecast | ||
| FY 2023 | $500,000 | $500,000 | forecast | ||
| FY 2024 | $450,000 | $450,000 | forecast |