HomeMy WebLinkAboutItem 04 Approval to Set the Proposed Tentative Millage Rate for Fiscal Year 2020/2021 Budget ocoee
florida
AGENDA ITEM COVER SHEET
Meeting Date: July 21, 2020
Item # 'y
Reviewed By:
Contact Name: Robert Frank Department Director: -b-c ;,J �b� •
Contact Number: X1500 City Manager: /���1��.�-
Subject: Set Proposed Tentative Millage Rate for Fiscal Year 2020/2021 Budget
Background Summary:
The TRIM act requires local governing bodies to set a proposed tentative millage rate annually during the month
of July. The property appraiser is then notified of the rate and uses it to advise taxpayers of their proposed tax
levies for the next year. The rate can be lowered during the budget hearings in September and has
historically been done so by the City.
Issue:
State Statutes establish levels of approval by the governing body in setting the millage rate. The statutes provide
for a maximum millage that can be levied by the governing body with a majority vote. This maximum millage
rate for the upcoming fiscal year, 6.9836, is an increase over the current year millage (5.2500). The rolled back
rate for 2020/2021 is 5.0108. This rate is lower than the current year rate. The City's overall assessed value
increased by$354,109,033. This is an increase of$1,452,640 at the current millage rate of 5.2500.
The Commission can set the proposed millage for FY2020/2021 up to 7.682 with a super majority vote by the
Commission. This millage rate would generate $24,372,192 in ad valorem revenues. A millage rate higher than
the 7.682 would require a unanimous vote by the Commission.
Recommendations:
Staff recommends the commission set the proposed tentative millage at 5.5000 mils. This is a tentative rate and
will allow the commission room to adjust during review and discussion of the proposed budget. The commission
can set the proposed rate in September at or below this rate. Should the commission wish to set the proposed
tentative millage rate higher than 6.9836 it can do so, however it would require a super majority vote tonight.
Attachments:
Attached to this staff report is a chart of the revenue amounts generated at the various millage levels compared
to the budgeted amount for this fiscal year.
Financial Impact:
This will provide the rate to determine ad valorem proceeds to include as revenue in the FY 2020/2021 budget
Type of Item: (please mark with an "x")
Public Hearing For Clerk's Dept Use:
Ordinance First Reading x Consent Agenda
Ordinance Second Reading Public Hearing
Resolution Regular Agenda
x Commission Approval
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
Reviewed by Finance Dept. DslA, c7, N/A
Reviewed by Q N/A
2
1,361,011
Majority
7,715,8526,922,692
vote
23,011,181
24,372,192
Super
$ 2,995,467
***
vote
1,237,276
5,500,0824,706,923
20,919,147
22,156,423
$ 2,995,467
***
0
vote)Majority
Rolled
887,758
rate
(758,895)
15,009,688
(1,552,054)
15,897,446
Ў͵ЉЊЉБЏ͵ВБЌЏА͵ЏБЋ
back
20/21
(majority
FY
$ 2,995,467
***
Rate
vote)
974,429
1,521,814
16,475,071
17,449,50015,927,686
Ў͵ЎЉЉЉ
Proposed
(majority
$ 2,995,467
Calculations
***
*
Budget
Ocoee
of
vote)
Rate
Revenue
930,136
City
15,726,204
16,656,34115,203,700
2020/2021
Current
(majority
Valorem
$ 2,995,467
Ad
**
CRA*
AdV
Ў͵ЋЎЎ͵ЋЎ
19/20
354,109,033 11.86%
186,493,506
(FY20/21)
3,339,617,1672,985,508,134
(FY19/20)793,159
rate
rate
budget1,452,640
millage
yearmillage
(97%)14,890,222
(20/21)(19/20)
Value
proposed
currentcurrent
ValueValue
Revenues
from
fromfrom
Taxable
in
TaxableTaxable
Valorem
Difference
AdDifferenceDifferenceGrossGrossChange Value of 1 milCRA Increment Value (20/21)Est Ad Valorem non-CRA