M E M O R A N D U M
To: Honorable Mayor and Town Council
From: Rafael G. Casals, Town Manager
Date: September 13, 2016
Re: Fiscal Year 2016-17 Tentative Millage Rate (1st Advertised Budget Hearing)
REQUEST
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A RESOLUTION OF THE MAYOR AND TOWN COUNCIL OF THE TOWN OF CUTLER BAY, FLORIDA, ADOPTING THE TENTATIVE MILLAGE RATE OF THE TOWN OF CUTLER BAY FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2016 THROUGH SEPTEMBER 30, 2017 PURSUANT TO FLORIDA STATUTE 200.065 (TRIM BILL); PROVIDING FOR AN EFFECTIVE DATE.
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BACKGROUND AND ANALYSIS
Please find attached the updated preliminary Fiscal Year 2016-17 proposed budget, which includes the changes to both revenues and expenditures and items discussed during our three (3) Council Budget Workshops: June 22nd, July 18th and August 31st. The preliminary budget was developed using the proposed mileage rate of 2.5329 mills ("ceiling" rate adopted via Resolution No. 16-44). The 2.5329 mills, represents the statutorily computed two-thirds vote maximum millage rate that the Council has in previous years adopted as a ceiling rate for purposes of the Property Appraiser's Truth in Millage (TRIM) advertising notices. The adopted ceiling mileage rate does not prevent the Council from adopting a lower rate during our Advertised Budget Hearings.
As per State TRIM Notice Law, the Council adopted a higher "ceiling" millage rate of 2.5329 mills for TRIM advertisement purposes (via Resolution 16-44). All Property owners received their individual notices which clearly illustrated both the "ceiling" millage rate (2.5329 mills) AND the lower "rollback" millage rate (2.2194 mills) for comparison purposes. 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 previously discusse...
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