VII(B) Set Tentative Millage Rate Agenda 7-16-2002
Center of Good z Item VII B
Mayor Abe jvtoe. Commissioners
S. Scott Vandergrift Danny Howell, District 1
Scott Anderson, District 2
City Manager .;�,. , Rusty Johnson, District 3
Jim Gleason R„ ;,' Nancy J. Parker, District 4
MEMORANDUM
To: The Honorable Mayor and City Commission
From: James Gleason, City Manager
Date: July 9, 2002
Re: TRIM TIMETABLE: �--------
PROPOSED MILLAGE RATE
The trim timetable requires us to advise the Property Appraiser of the FY 2003 prop sed millage
rate by August 4, 2002. The following is submitted to assist you in making your decision:
The property value increase over last year is $81,510,719.
One mil generates $1,148,118.
The current millage rate of 4.6564 per$1,000 would produce $5,346,098 in revenue. (This is an
increase of$379,546 over current year ad valorem revenue.)
The rolled-back rate is 4.5789 per $1,000 of taxable value and would generate $5,257,118 in
revenue.
The current millage rate would generate $88,980 in revenue more than the rolled-back rate.
The millage set by you at this meeting will be sent to all property owners within Ocoee directly
after August 4, 2002.
I recommend continuation of the current millage rate of 4.6564,as you will not be able to adjust
the tentative rate up once adopted. You do have the ability to adjust the rate down before final
adoption of the budget.
The City of Ocoee• 150 N Lakeshore Drive•Ocoee,Florida 34761
phone: (407)905-3100•fax:(407)656-8504•www.ci.ocoee.fl.us