Summary
To: Town Commission
From: Gay Lancaster, Town Manager
Date: 9/3/2026
______________________________________________________________________
Subject:
Title
Tentative Adoption of Millage Rate for FY 2026-2027
Summary:
Review of Proposed Millage Rate for 2026-2027
End
Body
Previous Commission Action: The Town Commission approved a maximum millage rate of 6.9777 on 7/21/26
Background/Problem Discussion: Annually the Town Commission must approve the millage rate. The fiscal year 2026-2027 maximum millage rate was approved on July 21, 2026, and cannot be increased. The fiscal year 2026-2027 tentative millage rate is 6.9777 which is greater than the rolled-back rate of 6.6383 by 5.11% as calculated by [(6.9777/6.6383)-1.00x100], and dedicates 5.2332 mills to the General Fund and 1.7445 mills to Capital Projects. All millage calculations are based upon the certified tax roll value of $1,467,156,877.
Expenditure Challenges N/A
Financial Implications: Approval of the 6.9777 mills will generate $7,370,914 for the General Fund and $2,456,971 for the Capital Projects Fund for a total of $9,827,885.
Recommendation: I recommend tentative approval of the millage rate of 6.9777 for fiscal year 2026-2027.
Proposed Motion I move the tentative approval of the 6.9777 millage rate for fiscal year 2026-2027.