HomeMy WebLinkAboutItem VI (E) 1 FY 1993-94 Budget - Set Tentative Budget Millage AGENDA 7-20-93
"CENTER OF GOOD LIVING-PRIDE OF WEST ORANGE" Item VI E 1
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c#4, `2v (407)656-2322 SAM WOODSON
lE```��J CITY MANAGER
Of G00� ELLIS SHAPIRO
MEMORANDUM
TO: The Honorable Mayor and Board of City Commissioners
FROM: Ellis Shapiro, City Manager
DATE: July 15, 1993
RE: TRIM TIMETABLE; PROPOSED MILLAGE RATE
The Trim Timetable requires us to advise the Property Appraiser of the FY 94 proposed
millage rate by August 4, 1993. It is time to decide on the millage rate to submit. The
following is submitted to assist you in making your decision:
(1 ) The property value increase over last year is $50,047,617.00.
(2) 1 mill generates $425,427.00.
(3) The rolled-back rate is 3.8621 per $1,000 and would produce $1,643,045.00 in
revenue.
(4) The current rate of 4.00 per $1,000 would produce $1,701,711.00 in revenue.
(This is an increase of $200,190.00 over current year revenue).
(5) An increase to 5.00 per $1,000 would produce $2,127,138.00 in revenue.
The Trim Act requires that whatever millage is set by you today and sent to the Property
Appraiser cannot be increased after August 4. However, it should also be understood that
whatever millage rate you propose will be sent to all property owners within Ocoee directly
after August 4, 1993.
The rolled-back rate would only save the property owners a total of $58,666.00. Due to
the current economic condition of our country I do not feel that an increase in the millage
rate is warranted at this time. Therefore, I recommend the current rate of 4 mills be
continued.
Respectfully Submitted,
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