SUBJECT/RECOMMENDATION:
Title
Set final millage rate of 5.8850 mills for fiscal year 2022/23 against non-exempt real and personal property within the City of Clearwater and pass Ordinance 9614-22 on first reading.
Body
SUMMARY:
In accordance with Chapter 200 of the Florida Statutes, which defines requirements for the Determination of Millage and the rules governing Truth in Millage (TRIM) compliance, the City Council must hold two public hearings to adopt a final millage rate for the new fiscal year. The adoption of this ordinance to establish the millage rate and the two related budget ordinances are an integral part of fulfilling these requirements.
The City Council set a tentative millage rate of 5.9550 mills on July 21, 2022, which is the rate that appeared on the TRIM notices mailed to taxpayers in August. On September 1, 2022, City Council discussed the proposed budget for fiscal year 2022/23 and directed staff to bring forward a reduced millage rate of 5.8850 mills for final adoption. The millage rate of 5.8850 mills represents a 9.93% increase from the rolled back rate of 5.3535 mills.
Ordinance 9614-22 is presented in order to adopt the millage rate of 5.8850 mills to support the operating and capital improvement budgets for the 2022/23 fiscal year.