M E M O R A N D U M
To: Honorable Mayor and Town Council
From: Rafael G. Casals, ICMA-CM, CFM, Town Manager
Date: September 17, 2018
Re: Fiscal Year 2018-19 Final Adopted Millage Rate of the Tentative Budget
(2nd Advertised Budget Hearing)
REQUESTTitle
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, 2018 THROUGH SEPTEMBER 30, 2019 PURSUANT TO FLORIDA STATUTES SECTION 200.065; AND PROVIDING FOR AN EFFECTIVE DATE.
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BACKGROUND AND ANALYSIS
Please find attached the updated tentative Fiscal Year 2018-19 budget for final adoption, which includes the changes to both revenues and expenditures and items discussed during three (3) Council Budget Workshops (June 11th, July 9th and July 23rd), as well as during the 1st Public Budget Hearing (September 4th). The tentative budget was developed using the proposed millage rate of 2.4739 mills adopted at the 1st Public Budget Hearing ("ceiling" rate adopted via Resolution No. 18-57). The 2.4739 millage rate 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 notice. The adopted tentative millage rate does not prevent the Council from adopting a lower rate during the Budget Hearing process.
As per State TRIM notice Law, the Council adopted a higher "ceiling" millage rate of 2.4739 mills for TRIM advertisement purposes (via Resolution No. 18-57). All Property owners received their individual notices which clearly illustrated both the "ceiling" millage rate (2.4739 mills) AND the lower "rollback" millage rate (2.2164 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 con...
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