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 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, 2015 THROUGH SEPTEMBER 30, 2016 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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Please find attached the proposed Fiscal Year 2015-16 tentative budget, which reflects the revenues and expenditures adopted at the first Budget Hearing, which was held on September 10, 2015. The attached tentative budget was developed by utilizing the millage rate of 2.3907 mills adopted at the first Budget Hearing. This millage rate is 9.42 percent greater than the roll-back rate of 2.1849 mills. 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 does not result in an increase of municipal taxes to the Town's property owners.
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 #15-59).
As previously discussed during our first Budget Hearing, the Town's 2015 property values, as certifi...
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