Summary
To: Town Commission
From: Gay Lancaster, Town Manager
Date: 9/3/2025
______________________________________________________________________
Subject:
Title
Tentative Adoption of Millage Rate for FY 2025-2026
Summary:
Review of Proposed Millage Rate for FY 2025-2026
End
Body
Previous Commission Action: The Town Commission approved a maximum millage rate of 6.9777 on 7/15/25
Background/Problem Discussion: Annually the Town Commission must approve the millage rate. The fiscal year 2025-2026 maximum millage rate was approved on July 15,2025.
The Fiscal Year 2025-2026 tentative millage rate is 6.9777 which is greater than the rolled-back rate of 6.4931 by 7.46% as calculated by [(6.9777/6.4931)-1.00]x100.
The final millage rate cannot exceed the proposed millage rate approved by the Commission on 7/15/2025. The proposed fiscal year 2025-2026 millage is 6.9777; 5.7277 for the General Fund and 1.2500 for the Capital Projects Fund. All millage calculations are based upon the certified tax roll value of $1,387,682,475.
Expenditure Challenges NA
Financial Implications: The approval of the millage rate at 6.9777 mills will generate $6,993,920 for the General Fund and $2,301,599 for the Capital Projects Fund for a total of $9,295,519.
Recommendation: I recommend tentative approval of the millage rate of 6.9777 for fiscal year 2025-2026.
Proposed Motion I move for the tentative approval of the millage rate of 6.9777 for the fiscal year 2025-2026.