Item #12 Setting Proposed Tentative Millage Rate for FY 10/11
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AGENDA ITEM COVER SHEET
Meeting Date: July 20, 2010
Item # ,~
Contact Name:
Contact Number:
Robert Frank
1501
Reviewed By:
Department Director:
City Manager:
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Subject: Setting Proposed Tentative Millage Rate for FY 10/11 Budget Year
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. This rate can be lowered during the budget hearings in September,
and has historically been done so by the city,
Issue:
HB-1 establishes levels of approval by the governing body in setting the millage rate, This bill provides for a
maximum millage rate that can be levied by the governing body with a maioritv vote. This maximum millage
rate for the upcoming fiscal year, 6,4174, is an increase of the current year millage (5,4974). The rolled back
rate for 2010/2011 is 6.3755. This rate is higher than the current year rate due to the decrease in assessed
property value resulting from Amendment 1 and the decline in the economy, The City's assessed value
decreased $285,624,020. This is a reduction of $1,523,084 at the current millage rate of 5.4974.
The City can set the proposed millage for FY 10/11 up to 7,0591 with a super maioritv vote by the
Commission. A millage rate higher than the 7,0591 would require a unanimous vote by the Commission.
The proposed budget is currentlv balanced at 5.4974.
Recommendations
Staff recommends the commission set the proposed tentative millage rate at 6.4174 via majority action. This is
a tentative rate and will allow the commission to review the proposed budget and set the millage at or below the
rolled-back rate in September. Should the commission wish to set the proposed tentative millage rate higher
than 6.4174 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 funding for the FY 2010/2011 budget year.
Type of Item: (please mark with an "x')
Public Hearing
Ordinance First Reading
For Clerk's Deat Use:
_____ Consent Agenda
_ Ordinance Second Reading
Resolution
_ Commission Approval
Discussion & Direction
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
Reviewed by Finance Dept.
Reviewed by 0
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