HomeMy WebLinkAboutItem #12 Setting the Proposed Millage Rate for 2009-2010 Budget
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AGENDA ITEM COVER SHEET
Meeting Date: July 21, 2009
Item # I 2
Contact Name:
Contact Number:
Robert Frank
1501
Reviewed By:
Department Director:
City Manager:
Subject: Setting Proposed Millage Rate for FY 09/10 Budget Year
Background Summary:
The TRIM Act requires local governing bodies to set a proposed 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. This rate can be lowered during the budget hearings in September.
Issue:
HB-1 establishes levels of approval by the governing body in setting the millage rate. This bill provides for a
maximum millage rate that can be levied by the governing body with a maioritv vote. This maximum millage
rate for the upcoming fiscal year, 5.6348, is an increase of the current year millage (4.8252). The rolled back
rate for 2009/2010 is 5.4974. This rate is higher than the current year rate due to the decrease in assessed
property value resulting from Amendment 1 and the decline in the economy. The City's assessed value
decreased $231,277,100. This is $1,082,480 at the current millage rate of 4.8252.
The City can set the proposed millage for FY 09/10 up to 6.1983 with a super maiority vote by the
Commission. A millage rate higher than the 6.1983 would require a unanimous vote by the Commission.
The proposed budget is currently balanced at 5.1934.
Recommendations
The commission set the proposed millage rate at 5.6348 via majority action. ifhis-isa tentative rate and will
~IOlVJh~comJnissiQ.O to review jhe prQposed b~get and iriCr~as~Jh~ r:nl!~g~for "Edditional funding if desired!
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 funding for the FY 2009/2010 budget year.
Type of Item: (please mark with an "x'J
Public Hearing
_ Ordinance First Reading
Ordinance Second Reading
Resolution
_ Commission Approval
Discussion & Direction
For Clerk's Deat Use:
_____ Consent Agenda
_____ Public Hearing
_____ Regular Agenda
r
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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N/A
N/A
N/A
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