AGENDA ITEM REPORT
TITLE:
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AN ORDINANCE ADOPTING THE CITY’S OPERATING PROPERTY TAX RATE AT 6.4463 MILLS FOR THE 2024 FISCAL YEAR. (SECOND READING)(SECOND PUBLIC HEARING)
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BACKGROUND:
This item was approved on First Reading at the September 14, 2023, Special Commission Meeting.
This ordinance will establish the City’s operating ad valorem millage rate for the 2023 property tax roll. The 6.4463 millage rate is a 10.38% increase from the roll back rate of 5.8399 computed in accordance with state law and represents a 0% 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 Finance and Administrative Services Director will make a brief presentation of the budget process followed to date and must include:
1. The millage rate of 6.4463 used in the Proposed Fiscal Year 2024 (FY24) Budget published on July 27, 2023. The 6.4463 millage rate is a 10.38% increase over the roll back rate of 5.8399, and is proposed to remain the same as the current rate of 6.4463, the 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