Loading...
Item #04 Approval to Set the Proposed Tentative Millage Rate for Fiscal Year 2016/2017 Budget Ocoee florida AGENDA ITEM COVER SHEET Meeting Date: July 19, 2016 Item # Reviewed By: Contact Name: Robert Frank Department Director: Contact Number: X1500 City Manager: Subject: Set Proposed Tentative Millage Rate for Fiscal Year 2016/2017 udget 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, 7.6151, is an increase of the current year millage (5.9104). The rolled back rate for 2016/2017 is 5.6808. This rate is lower than the current year rate. The City's overall assessed value increased $138,897,500. This is an increase of$796,312 at the current millage rate of 5.9104. The Commission can set the proposed millage for FY2016/2017 up to 8.3766 with a super majority vote by the Commission. This millage rate would generate $16,917,834 in ad valorem revenues. A millage rate higher than the 8.3766 would require a unanimous vote by the Commission. Recommendations Staff recommends the commission set the proposed tentative millage at 6.500. mils. 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 7.6151 it can do so, however it would require a super majority vote tonight. 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 2016/2017 budget Type of Item: (please mark with an`x') Public Hearing For Clerk's Dept Use: Ordinance First Reading K Consent Agenda Ordinance Second Reading Public Hearing Resolution Regular Agenda X Commission Approval Discussion&Direction 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 () N/A 2 a) �0co c k C �� m - � mom 0) CO ci / a f + cri a w \f 2 k / = o � 7 � a '0 c 0 0 — cef > 03 \ \ �o & r ® n � � = co C + kk � 7 >- E c o o \ $ g = moo w 0 / « 0. # ° ktO N- ( \ \OD - © co u = I 4- E % 0 > 0 » ■ O e $ o u \ W > � 2 (Ni 0 C _ ( Q > � ; 2 7 k 0 J E , w Co V ƒ ƒ $ 6 16 .1- \ / % 2 0) > E 2 k / / k® 0 0 0 /k ¥ ƒ2 0 2 E 8 @ ƒ of 0 2 c » 2 7 2 « E u- e o / /a f f f < O = 2 2 a [