HomeMy WebLinkAboutItem #08 Set Proposed Tentative Millage Rate for Fiscal Year 2015/2016 BudgetContact Name:
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0 CaPP
florida
AGENDA ITEM COVER SHEET
Meeting Date: July 21, 2015
Robert Frank
X1500
Item # g
Reviewed By.
Department Director:
City Manager:
Subject: Set Proposed Tentative Millage Rate for Fiscal Year 2015/2016
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 majority vote. This maximum
millage rate for the upcoming fiscal year, 7.6082, is an increase of the current year millage (5.6371). The
rolled back rate for 2015/2016 is 5.4091. This rate is lower than the current year rate. The City's overall
assessed value increased $135,801,248. This is an increase of $742,559 at the current millage rate of 5.6371.
The Commission can set the proposed millage for FY15/16 up to 8.3690 with a super majority vote by the
Commission. This millage rate would generate $15,823,019 in ad valorem revenues. A millage rate higher
than the 8.3690 would require a unanimous vote by the Commission.
Recommendations
Staff recommends the commission set the proposed tentative millage at 6.5000. 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 7.6082 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 2015/2016 budget
Type of Item: (please mark with an Y)
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 () o N/A
2
City of Ocoee
Ad Valorem Revenue Calculations
2015/2016 Budget
FY 15/16 Rolled
Current Rate
back rate
Super
FY 14/15
(majority vote)
(majority vote)
Majority vote
Majority vote
5.6371
5.6371
5.4091
7.6082
8.3690
Ad Valorem Revenues (97 %) 9,915,338
10,657,897
10,226,824
14,384,597
15,823,019
Difference from current year
budget
742,559
Difference from current millage
rate (FY 14/15)
(431,073)
3,726,700
5,165,122