HomeMy WebLinkAboutItem #13 Set Proposed Millage Rate
AGENDA ITEM COVER SHEET
Meeting Date: July 18,2006
Item # 13
Contact Name:
Contact Number:
Robert Frank
1501
Reviewed By:
Department Director:
City Manager:
~
--
Subject: Setting the Proposed Millage Rate for FY 06/07
Background Summary:
The TRIM timetable requires the city to advise the County Property Appraiser of the FY 2007 proposed millage
rate by August 4, 2006. The property value increase over last year is $426,655,116. One mil generates
$2,064,600. The rolled-back rate is 4.0285 per $1,000 of taxable value and would produce $8,317,242 in revenue.
(This would be an increase of $452,158 over current year revenue due to new construction) The current rate of
4.8018 per $1,000 of taxable value would produce $9,913,795 in revenue. (This would be an increase of
$2,048,711 over current year revenue.) As per the attached table, the city remains among the lowest in millage
rates in Orange and Seminole counties.
Issue:
The city is required to adopt a millage rate in order to comply with the TRIM Act and notify the Property Appraiser
by August 4, 2006.
Recommendations:
I recommend the millage rate be retained at 4.8018. This would be the maximum millage rate the commission can
assess at the public hearings in September without a costly 1 st class notification to all property owners in the city.
The commission can choose this millage rate or any lower rate at the final budget hearing in September.
Attachments:
Table of millage rates for surrounding municipalities.
Financial Impact:
This will provide funding for the FY 2006/2007 budget year..
Type of Item: (please mark with an "x')
Public Hearing
_ Ordinance First Reading
Resolution
_ Commission Approval
Discussion & Direction
For Clerk's DeDt Use:
_____ Consent Agenda
_____ 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
N/A
FISCAL YEAR 2006-2007
CURRENT PROPOSED
MILLAGE MILLAGE
CITY RATE RATE
APOPKA 3.7619 3.7619
LAKE MARY 3.9998 3.9998
MAITLAND 3.8000 4.2000
WINTER GARDEN 4.3040 4.3040
WINTER SPRINGS 4.7500 4.7500
LONGWOOD 4.9900 4.9900
CASSELBERRY 5.0000 5.0000
WINTER PARK 5.0900 5.0900
ORANGE COUNTY 5.1639 5.1639
OVIEDO 5.3350 5.3350
ALTAMONTE SPRINGS 5.5000 5.5000
KISSIMMEE 5.5453 5.5453
ORLANDO 5.6916 5.6916
MOUNT DORA 6.1050 5.9750
SANFORD 6.3250 6.3250