HomeMy WebLinkAboutItem #13 Set the Tentative Millage Rate for Fiscal Year 2014/2015 Budget1 4 kS N �1�
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AGENDA ITEM COVER SHEET
Meeting Date: July 15, 2014
Item #
Contact Name:
Contact Number
Robert Frank
X1500
Reviewed By:
Department Director:
City Manager:
Subject: Set Proposed Tentative Millage Rate for Fiscal Year 2014/2015 Budget
Background Summary:
The TRIM act requires local governing bodies to set a
month of July. The property appraiser is then notified
proposed tax levies for the next year. The rate can be
and has historically been done so by the City.
Issue:
proposed tentative millage rate annually during the
of the rate and uses it to advise taxpayers of their
lowered during the budget hearings in September
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 majority vote. This maximum
millage rate requiring a majority vote for the upcoming fiscal year of 7.7496 is an increase of the current year
millage (5.7855). The rolled back rate for 2014/2015 is 5.5337. This rate is lower than the current year rate.
The City's overall assessed value increased $145,274,229. This is an increase of $815,270 at the current
millage rate of 5.7855.
The Commission can set the proposed millage for FY13/14 up to 8.5246 with a super majority vote by the
Commission. This millage rate would generate $15,038,522 in ad valorem revenues. A millage rate higher
than the 8.5246 would require a unanimous vote by the Commission.
The proposed budget is currently balanced at 5.7855 mils which is the same as the current year rate. This rate
is higher than the rolled back rate for FY 14/15.
Recommendations
Staff recommends the commission set the proposed tentative millage at 5.7855 (current year millage 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 7.7496 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 2014/2015 budget
Type of Item: (please mark with an "x')
Public Hearing
Ordinance First Reading
Ordinance Second Reading
Resolution
Commission Approval
Discussion & Direction
For Clerk's Dept 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
Reviewed by Finance Dept. N/A
Reviewed by () N/A
2
City of Ocoee
Ad Valorem Revenue Calculations
2014/2015 Budget
FY 14/15 Rolled
Current Rate back rate
Super
Majority vote
8.5246
FY 13/14 (majority vote) (majority vote) Majority vote
5.7855 5.7855 5.5337 7.7496
Ad Valorem Revenues (97 %) 9,391,118
Difference from current year
budget
Difference from current millage
rate (FY 13/14)
10,206,387 9,762,179 13,671,319 15,038,522
815,270
(444,209) 3 4,832,135