M E M O R A N D U M
To: Honorable Mayor and Town Council
From: Rafael G. Casals, Town Manager
Date: September 23, 2014
Re: Fiscal Year 2014-15 Proposed Budget (2nd/Final Council Budget Hearing)
Title
A RESOLUTION OF THE MAYOR AND TOWN COUNCIL OF THE TOWN OF CUTLER BAY, FLORIDA, ADOPTING THE FINAL OPERATING AND CAPITAL OUTLAY BUDGET FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2014 THROUGH SEPTEMBER 30, 2015 PURSUANT TO FLORIDA STATUTE 200.065 (TRIM BILL); AND AUTHORIZING THE TOWN MANAGER TO MAKE EXPENDITURES CONSISTENT THEREWITH AND AUTHORIZING THE TOWN MANAGER TO MAKE CERTAIN BUDGET AMENDMENTS WITHIN A DEPARTMENT PROVIDED THAT THE TOTAL OF THE APPROPRIATIONS IS NOT CHANGED; AND PROVIDING FOR AN EFFECTIVE DATE.
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Body
Please find attached the updated final Fiscal Year 2014-15 proposed budget, which includes the changes to both revenues and expenditures discussed during our first Budget Hearing, which was held on September 9, 2014. The attached updated budget was developed by utilizing the "rollback" millage rate of 2.3907 mills. The "rollback" millage rate is defined as: the millage rate necessary to raise the same amount of Ad Valorem tax revenue as the previous fiscal year, excluding taxes from new construction. The "rollback" millage rate will not result in an increase of municipal taxes to the Town's property owners.
As per State TRIM notice Law, on July 16, 2014, the Town Council adopted an initial "ceiling" millage rate of 2.7202 mills for TRIM advertisement purposes (via Resolution 14-53). At its first Budget Hearing, which was held on September 9, 2014, the Town Council adopted a new "ceiling" millage rate of 2.3907 (via Resolution #14-61). The new "ceiling" millage rate of 2.3907 mills reflects the "roll back" millage rate and would be advertised as no tax increase for the upcoming Fiscal Year 2014-15.
As previously discussed during our first Budge...
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