M E M O R A N D U M
To: Honorable Mayor and Town Council
From: Rafael G. Casals, Town Manager
Date: September 9, 2014
Re: Fiscal Year 2014-15 Proposed Budget (1st Council Budget Hearing)
Title
A RESOLUTION OF THE MAYOR AND TOWN COUNCIL OF THE TOWN OF CUTLER BAY, FLORIDA, ADOPTING THE TENTATIVE 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.
Body
Please find attached the updated preliminary Fiscal Year 2014-15 proposed budget, which includes the changes to both revenues and expenditures and items discussed during both the July 23rd and August 20th Council Budget Workshops. During these Workshops, the Town Council provided staff direction to utilize the "rollback" millage rate of 2.3907 mills versus the Town Manager's proposed mileage rate of 2.5702 mills (the rate currently in effect). 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. Utilizing the "rollback" millage rate, as opposed to the current millage rate of 2.5702 mills, will result in an additional planned dip into the Town's reserves of approximately $326,000.
The preliminary Fiscal Year 2014-15 Budgets presented during the two (2) Council Budget Workshops were based on the Town Manager's proposed millage rate of 2.5702 mills. Town staff worked under the premise of "holding the millage rate steady" when developing the preliminary Fiscal Year 2014-15 budget repo...
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