AGENDA ITEM REPORT
TITLE:
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AN ORDINANCE ADOPTING THE CITY’S OPERATING PROPERTY TAX RATE AT 6.8988 MILLS FOR THE 2025 FISCAL YEAR. (SECOND READING)(SECOND PUBLIC HEARING)
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BACKGROUND:
This item was approved on First Reading at the September 12, 2024, Special City Commission Meeting.
This ordinance will establish the City’s operating ad valorem millage rate for the 2024 property tax roll (2025 Fiscal Year). The 6.8988 millage rate is a 14.72% increase from the roll back rate of 6.0134 computed in accordance with state law and represents a 7.02% increase over the current rate.
DISCUSSION:
A public hearing must be held in compliance with Section 200.065, Florida Statutes (commonly known as the TRIM Bill). To comply, the hearing must be conducted in a manner that is conducive to input from City residents on the ad valorem rate and any portion of the budget. The City Commission may, if they desire, amend the budget and/or reduce the ad valorem rate. The meeting should follow the general format shown below.
Once the ordinance title is read, the Director of Finance and Administrative Services will make a brief presentation of the budget process followed to date and must include:
1. The millage rate of 6.8988 used in the Proposed Fiscal Year 2025 (FY25) Budget published on July 29, 2024. The 6.8988 millage rate is a 14.72% increase over the roll back rate of 6.0134 and represents a 7.02% increase from the current rate of 6.4463 and a 0.68% decrease from the 6.9463 rate that was included on the Notice of Proposed Property Tax.
2. The millage rate and budget are tentative and subject to change during this meeting.
3. The public is encouraged to discuss any portion of the budget or the ad valorem rate.
Once the presentation is made, the Public Hearing will be declared open.
RECOMMENDATION:
Staff recommends approval of this ordinance.
FISCAL IMPACT: N/A