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 22, 2020
Re: Fiscal Year 2020-21 Final Millage Rate for Adoption
(2nd 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 FINAL MILLAGE RATE OF THE TOWN OF CUTLER BAY FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2020 THROUGH SEPTEMBER 30, 2021 PURSUANT TO SECTION 200.065, FLORIDA STATUTES; AND PROVIDING FOR AN EFFECTIVE DATE.
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BACKGROUND AND ANALYSIS
Please find attached the tentative Fiscal Year 2020-21 budget for adoption, which includes the changes to both revenues, expenditures, and items discussed during the two (2) scheduled Town Council Budget Workshops held August 10,2020, and August 26,2020 and at the 1st Budget Hearing held September 8, 2020. The tentative budget was developed using the proposed millage rate of 2.6500 mills adopted through Resolution No. 20-45.
The proposed millage rate was utilized by the Property Appraiser's Office ("PA") for purposes of the Truth in Millage ("TRIM") advertising notice. As per State TRIM Notice Law, the PA mailed out the TRIM advertisement to all property owners clearly illustrating both the proposed millage rate (2.6500 mills) and the lower "rollback" millage rate (2.3073 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 property owners.
At the 1st Budget Hearing, the Town Council tentatively adopted this proposed 2.6500 millage rate, which is 14.85% greater than the roll-back rate. However, this does not prevent the Town Council from adopting a lower millage rate during our 2nd Budget Hearing.
As discussed in detail during our 2nd...
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