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 10, 2019
Re: Fiscal Year 2019-20 Proposed Millage Rate for Adoption of the Tentative Budget (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 PROPOSED MILLAGE RATE OF THE TOWN OF CUTLER BAY FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2019 THROUGH SEPTEMBER 30, 2020 PURSUANT TO FLORIDA STATUTES SECTION 200.065; AND PROVIDING FOR AN EFFECTIVE DATE.
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BACKGROUND AND ANALYSIS
Please find attached the tentative Fiscal Year 2019-20 budget for adoption, which includes the changes to both revenues, expenditures, and items discussed during two (2) scheduled Council Budget Workshops (June 27th and July 29th). The tentative budget was developed using the proposed millage rate of 2.6047 mills ("ceiling" rate adopted via Resolution No. 19-53). The 2.6047 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 ceiling millage 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 2.6047 mills for TRIM advertisement purposes (via Resolution No.19-53). All Property owners received their individual notices which clearly illustrated both the "ceiling" millage rate (2.6047 mills) AND the lower "rollback" millage rate (2.2903 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 prop...
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