HomeMy WebLinkAboutItem #04 Setting Proposed Millage Rate for FY 07/08 Budget Year
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AGENDA ITEM COVER SHEET
Meeting Date: July 11, 2007
Item # '-\
Contact Name:
Contact Number:
Robert Frank
1501
Reviewed By:
Department Director:
City Manager:
Subject: Setting Proposed Millage Rate for FY 07/08 Budget Year
Background Summary:
The TRIM Act requires local governing bodies annually to set a proposed millage rate 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. This rate can be lowered during the budget hearings in September.
Issue:
The state legislature passed HB-1 during their recent session. This bill is designed to a) reduce ad valorem
taxes for property owners, and b) cap future property taxes, by providing a maximum millage rate that can be
levied by the governing body with a majority vote. This state-imposed maximum millage rate will be a
reduction to the current year millage (4.6295) and is arrived at by calculating the rolled back rate and further
reducing it by a state-derived percentage, which for Ocoee is currently 5%, however this percentage may be
changed within the next week.
The law also establishes levels of approval by the governing body in setting the millage rate. The City can set
the proposed millage for FY 07/08 at the current rate of 4.6295 with a unanimous vote by the Commission.
Although the City Manager will be presenting a balanced budget at a lower millage rate, it is recommended that
the Commission set the proposed rate at 4.6295 via a unanimous vote to retain the greatest flexibility as the
budget is developed.
Any vote to exceed the current 4.6295 millage rate would require a referendum.
Recommendations
The commission set the proposed millage rate at 4.6295 via unanimous action.
Attachments:
None
Financial Impact:
This will provide funding for the FY 2006/2007 budget year.
Type of Item: (please mark with an "x'J
Public Hearing
_ Ordinance First Reading
For Clem's Deat Use:
_____ Consent Agenda
,
Ordinance Second Reading
Resolution
Commission Approval
Discussion & Direction
Public Hearing
Regular Agenda
Original Document/Contract Attached for Execution by City Clerk
Original Document/Contract Held by Department for Execution
Reviewed by City Attorney
Reviewed by Finance Dept.
Reviewed by 0
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