HomeMy WebLinkAboutItem #12 Setting the 2014 Millage RateI k4 N
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AGENDA ITEM COVER SHEET
Meeting Date: July 16, 2013
Item #
Contact Name:
Contact Number:
Robert Frank
X1500
Reviewed By:
Department Director:
City Manager:
Subject: Set Proposed Tentative Millage Rate for Fiscal Year 2013/2014 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
provides for a maximum millage that can be levied by the governing body with a maoority vote. This maximum
millage rate for the upcoming fiscal year, 7.8291, is an increase of the current year millage (5.8460). The
rolled back rate for 2013/2014508 8733 This is an increase lCity's
assessed value Increased $19,
of $110,627 t the current millage age at of 5.8460.
,
The Commission can set the proposed millage for FY13/14 up to 8.6120 with a super majority vote by the
Commission. This millage rate would generate $14,007,897 in ad valorem revenues. A millage rate higher
than the 8.6120 would require a unanimous vote by the Commission.
The proposed budget is currently balanced at 5.8460 which is the same as the current year rate. This rate is
also lower than the rolled back rate for FY 13/14.
Recommendations
Staff recommends the commission set the proposed tentative millage at 5.9037 (rolled back rate). 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 7.8291 it can do so, however it would require a super
majority vote.
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 2013/2014 budget
Type of Item: (please mark with an `k')
Public Hearing
For Clerk's Dept Use:
Ordinance First Reading
Consent Agenda
Ordinance Second Reading
Public Hearing
Resolution
Commission Approval
Regular Agenda
Discussion & Direction
Unginal 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. N/A
Reviewed by () N/A
City of Ocoee
Ad Valorem Revenue Calculations
2013/2014 Budget
Ad Valorem Revenues (97%
Difference from current year
budget
Difference from current millage
rate (FY 12/13)
FY 13/14 Rolled
Current Rate
back rate
Super
FY 12!13 (majority vote)
(majority vote)
Majority vote
Majority vote
5.8460 5.8460
5.9037
7.8291
8.6120
9,398,217 9,508,844
9,602,696
12,734,466
14,007,897
110,627
93,852
3,225,622 4,499,053