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: July 29, 2020
Re: Setting Proposed Millage Rate and Budget Hearings for FY 2020-21
(*previously deferred per July 15, 2020 Regular Town Council Meeting to date certain July 29, 2019 Regular Town Council Meeting)
REQUEST
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A RESOLUTION OF THE MAYOR AND TOWN COUNCIL OF THE TOWN OF CUTLER BAY, FLORIDA, DETERMINING THE PROPOSED MILLAGE RATE, AND THE DATE, TIME AND PLACE FOR THE FIRST AND SECOND PUBLIC BUDGET HEARINGS AS REQUIRED BY LAW; DIRECTING THE TOWN CLERK AND TOWN MANAGER TO FILE THIS RESOLUTION, IF REQUIRED, WITH THE MIAMI-DADE COUNTY PROPERTY APPRAISER; AUTHORIZING THE TOWN MANAGER TO CHANGE BUDGET HEARING DATES IF NEEDED; AND PROVIDING AN EFFECTIVE DATE. (*previously deferred per July 15, 2020 Regular Town Council Meeting to date certain July 29, 2019 Regular Town Council Meeting)
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BACKGROUND AND ANALYSIS
On July 1, 2020, the Miami-Dade Property Appraiser certified to the Town the taxable value of property within the Town's boundaries to be used to establish its 2020 millage rate (for Fiscal Year 2020-21) and ad valorem tax budget. Under the TRIM statutes, the Town has thirty-five (35) days (i.e. on or before Tuesday, August 4, 2020) to notify the Property Appraiser, on form DR-420 electronically filed on the eTRIM system, of the Town's proposed millage rate and the date, time, and place of its first public budget hearing. In turn, the Property Appraiser will use that information on the TRIM notices it mails out to all taxpayers in late August.
In addition to recent budget deficits and impacts from COVID-19, the Town has undertaken substantial capital projects in the past year which have been funded to date by the General Fund's fund balance reserves. As a result, the Town's substantial financial reserves have been drawn down considerably, although they remain in excess of that required by the Town's Fund Balance Ordina...
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