HomeMy WebLinkAboutItem VI (D) FY 94-95 Budget 1. Set Tentative Millage 2. Set Budget Hearing Dates AGENDA 7-19-94
Item VI D 1&2
"CENTER OF GOOD LIVING-PRIDE OF WEST ORANGE" .... ......................u,
Ocoee S.SCOTT VANDERGRIFF
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�' .'��. CITY OF OCOEE COMMISSIONERS
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� O. RUSTY JOHNSON
D 150 N.LAKESHORE DRIVE PAUL W.FOSTER
OCOEE FLORIDA 34761-2258 VERN COMBS
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rE4 Of GOP�� MY MANAGER
ELLIS SHAPIRO
MEMORANDUM
TO: The Honorable Mayor and Board of City Commissioners
FROM: Ellis Shapiro, City Manager
DATE: July 15, 1994
RE: TRIM TIMETABLE; PROPOSED MILLAGE RATE
The Trim Timetable requires us to advise the Property Appraiser of the FY 95 proposed
millage rate by August 4, 1994. 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 $43,379,788.00.
(2) 1 mill generates $468,807.00.
(3) The rolled-back rate is 4.2652 per $1,000 and would produce $1,999,558.00 in
revenue.
(4) The current rate of 4.00 per $1,000 would produce $1,875,230.00 in revenue.
(This is an increase of $258,530.00 over current year revenue.)
(5) An increase to 5.00 per $1,000 would produce $2,344,038.00 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, 1994.
The rolled-back rate would result in an additional $124,328.00. We are reviewing with the
Property Appraiser's office why the numbers for growth are not proportioned to last year's.
At this time we do not have an answer but anticipate having one at Commission Meeting.
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 Sub, itted,
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