HomeMy WebLinkAboutItem 18 Set Millage Rate for FY 05/06 Sbe ,enter of Good 4,
AGENDA ITEM COVER SHEET
Meeting Date: July 19, 2005
Item # 1 g
Reviewed By:
Contact Name: Robert Frank Department Director:
Contact Number: City Manager:
Subject: Setting the Proposed Millage Rate for FY 05/06
Background Summary:
The TRIM timetable requires the city to advise the County Property Appraiser of the FY 2006 proposed millage
rate by August 2, 2005. The property value increase over last year is $256,040,472. One mil generates
$1,643,617. The rolled-back rate is 4.1158 per$1,000 of taxable value and would produce $6,764,797 in revenue.
(This would be an increase of $411,220 over current year revenue) The current rate of 4.5789 per $1,000 of
taxable value would produce $7,525,956 in revenue. (This would be an increase of $1,172,379 over current year
revenue.) An increased millage rate of 4.7500 would generate $7,807,178 in revenue. (This would be an increase
of $1,453,601 over current year revenues) An increased millage rate of 4.9500 would generate $8,135,902 in
revenue. (This would be an increase of$1,782,325.)
Issue:
The city is required to adopt a millage rate in order to comply with the TRIM Act and notify the Property Appraiser
by August 2, 2005.
Recommendations
I recommend the millage rate be set at 4.95 at this time. This would be the maximum millage rate the commission
can assess at the public hearings in September without a costly 1st class notification to all property owners in the
city. The commission can choose this millage rate or any lower rate at the final budget hearing in September.
Attachments:
Table of millaqe rates for surrounding municipalities.
Financial Impact:
This will provide funding to assist balancing the budget for FY 2005/2006.
Type of Item: (please mark with an "x")
Public Hearing For Clerk's Dept Use:
Ordinance First Reading Consent Agenda
Resolution Public Hearing
Commission Approval Regular Agenda
Discussion&Direction
Original Document/Contract Attached for Execution by City Clerk
Original Document/Contract Held by Department for Execution
Reviewed by City Attorney N/A
FISCAL YEAR 2005-2006
CURRENT PROPOSED
MILLAGE MILLAGE
CITY RATE RATE
OCOEE 4.5789 4.9500
ALTAMONTE SPRINGS 5.5600 5.5600
APOPKA 3.7619 3.7619
CASSELBERRY 5.0000 5.0000
CLERMONT 3.7290 3.7290
KISSIMMEE 4.2953 4.7953
LAKE MARY 3.9998 3.9998
LONGWOOD 4.9900 4.9900
MAITLAND 4.3000 4.2000
MOUNT DORA 6.1810 6.1050
ORLANDO 5.6916 5.6916
OVIEDO 5.3350 5.3350
SANFORD 6.3500 6.3250
WINTER GARDEN 4.3040 4.3040
debt service debt service
0.4360 0.4360
operating operating
WINTER PARK 4.6540 4.6540
debt service debt service
0.2500 0.2500
operating operating
WINTER SPRINGS 4.3000 5.0000
ORANGE COUNTY 5.1639 5.1639