HomeMy WebLinkAboutItem 08 Approval for Proposed Tentative Millage Rate for Fiscal Year 2023-2024 BudgetMeeting Date: July 18, 2023
Item #: 8
Contact Name: Ruth Hovanec Department Director: Rebecca Roberts
Contact Number: Ext. 1525 City Manager: Robert Frank
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
as has historically been done 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, 6.9091, is an increase over the current year millage (4.9500). The
rolled back rate for 2023/2024 is 4.568. This rate is lower than the current year rate. The City's overall
assessed value increased by $387,837,936. This is an increase of $1,823,808 at the current millage rate of
4.9500.
The Commission can set the proposed millage for FY 2023/2024 up to 7.6 with a super majority vote by the
Commission. This millage rate would generate $32,485,029 in ad valorem revenues. A millage rate higher
than the 7.6 would require a unanimous vote by the Commission.
Recommendations:
Staff recommends the commission set the proposed tentative millage at 4.9500 mils. This is a tentative rate
and will allow the commission room to adjust during review and discussion of the proposed budget. The
commission can set the proposed rate in September at or below this rate. Should the commission wish to set
the proposed tentative millage rate higher than 7.6, it can do so; however, it would require a super majority
vote.
Attachments:
1. Milage Rate Calculation
City of Ocoee Bluford AvenueOcoee, Florida 34761
Phone:(4 91 0i • •e- • •
Page 81 of 199
Financial Impacts:
This will provide the rate to determine ad valorem proceeds to include as revenue in the FY 2023/2024
budget.
Type of Item: Consent
City of Ocoee - 1 N. Bluford Avenue - Ocoee, Florida 34761
Phone: (407) 905-3100 - www.ocoee.org
Page 82 of 199
City of Ocoee
AdValorem Revenue Calculations
2023/20248udget
FYB/24Rolled
Current Rate
Proposed Rate
back rate
Super Majority
22/23 (majority vote)
(majority vote)
(majority vote)
Majority vote
vote
4.95 4.95
4.e500
4.568
6.9091
7.6
AdValorem Revenues (95%)
19'334`304 I1'158,012
21,158'01I
19'525'I12
29'531'883
3I'485'0I9
Difference from current year budget
1'823'808
1'823'808
Difference from current miUagerate (FY2I/23)
(1'632'800)
8']7]'871
11'327,017
Difference from proposed miUaQerate (Fv23/24)
(1'632'000)
8'373'871
11'327,017
Gross Taxable Value (23/24)
Gross Taxable Value (22/23)
4,488311,485
4`111,473,548
A
Change inTaxable Value
387.037.936 8.43%^
~ ~
~$
3,988 ~
1 $ 3,988,050~
lValue, of 1 mil
CRAIncrement Value (2O/21)
AdVCRA ~ 1.417.105 ~
1,417.105 ~
1.307.800 ~
1.978.048 ~
2.175.850
901,364261
Page 83 of 199