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 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, 2014 THROUGH SEPTEMBER 30, 2015 PURSUANT TO FLORIDA STATUTE 200.065 (TRIM BILL); PROVIDING FOR AN EFFECTIVE DATE.
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Body
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. 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 discussed during our first Budget Hearing, the Town's 2014 property values, as certified by the Property Appraiser's Office, increased 8.07% from the 2013 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 Tentative Fiscal Year 2014-15 Operating & Capital Outlay Budget, utilized the adopted "roll back" millage rate of 2.3907.