M E M O R A N D U M
To: Honorable Mayor and Town Council
From: Rafael G. Casals, Town Manager
Date: September 24, 2015
Re: Fiscal Year 2015-16 Final 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 MILLAGE RATE OF THE TOWN OF CUTLER BAY FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2015 THROUGH SEPTEMBER 30, 2016 PURSUANT TO FLORIDA STATUTE 200.065 (TRIM BILL); PROVIDING FOR AN EFFECTIVE DATE...Body
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As per State TRIM notice Law, on July 15, 2015, the Town Council adopted a proposed, initial "ceiling" millage rate of 2.5348 mills for TRIM advertisement purposes (via Resolution 15-48). At its first Budget Hearing, which was held on September 10, 2015, the Town Council adopted a tentative (new "ceiling") millage rate of 2.3907 mills (via Resolution #15-58).
The tentative (new "ceiling") millage rate of 2.3907 mills is 9.42 percent greater than the "roll-back" millage rate of 2.1849 mills and was advertised prior to the second Budget Hearing, in accordance with State law, as a proposed tax increase for the upcoming Fiscal Year 2015-16. The "roll-back" 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 "roll-back" millage rate will not result in an increase of municipal taxes to the Town's property owners.
As previously discussed during our first Budget Hearing, the Town's 2015 property values, as certified by the Property Appraiser's Office, increased 8.8% from the 2014 certified property values. The increase in property values took into account several factors, one of which is the positive impacts resulting from the Town Council's policy decisions and improvements to our existing infrastructure.
Town staff, in developing the Tent...
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