SUBJECT/RECOMMENDATION:
Title
Adopt Ordinance 9792-24 on second reading, declaring the millage rate to be levied for the fiscal year beginning October 1, 2024 and ending September 30, 2025, for operating purposes including the funding of pensions, debt service, and road maintenance for capital improvement expenditures at 5.8850 mills, which is a 6.81% increase from the rolled back rate of 5.5099 mills.
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 5.8850 mills on July 15, 2024, which is the rate that appeared on the TRIM notices mailed to taxpayers in August. The millage rate of 5.8850 mills represents a 6.81% increase from the rolled back rate of 5.5099 mills.
Ordinance 9792-24 is presented in order to adopt the millage rate of 5.8850 mills to support the operating and capital improvement budgets for the 2024/25 fiscal year.
STRATEGIC PRIORITY:
The budgeting process aligns resource allocation to the advancement of our community in all five strategic priorities: high performing government, economic and housing opportunity, community well-being, environmental stewardship, and superior public service.
