File #: 24-0175    Version: 1 Name:
Type: Action Item Status: Public Hearing
File created: 8/25/2024 In control: Town Commission
On agenda: 9/4/2024 Final action:
Title: Tentative Adoption of Millage Rate for FY 2024-2025 Summary: Review of Proposed Millage Rate for the FY 2024-2025 Previous Commission Action: The Town Commission approved a maximum millage preliminary rate of 6.9777, and reviewed the budget at meetings in July and August. Background/Problem Discussion: Annually the Town Commission must approve the millage rate. The Fiscal Year 2024-2025 maximum millage preliminary was approved on July 9, 2024. The Fiscal Year 2024-2025 tentative millage rate is 6.9777 which is greater than the rolled-back rate of 6.0019 by 16.26% as calculated by [(6.9777 / 6.0019) - 1.00] x 100. The final millage rate cannot exceed the previously set maximum millage rate (MMP) of 6.9777. The Commission may set a final rate equal to, or less than, the MMP. The proposed fiscal year 2024-25 millage is 6.9777; 5.7277 for the General Fund and 1.2500 for the Infrastructure Fund. All millage calculations are based upon the certified total taxable value of $1,298,6...
Attachments: 1. 2024-25 Adopting Millage Rate for FY 2024-2025 090424, 2. 2024 Tax Roll Preliminary Jul 01, 2024

Summary

 

 

To:                                           Town Commission

 

Through:                     Gay Lancaster, Town Manager

 

From:                                           Amy Lockhart, Interim Finance Director

 

Date:                                          9/4/2024

______________________________________________________________________

Subject:

Title

Tentative Adoption of Millage Rate for FY 2024-2025

 

Summary:

Review of Proposed Millage Rate for the FY 2024-2025

 

Previous Commission Action: The Town Commission approved a maximum millage preliminary rate of 6.9777, and reviewed the budget at meetings in July and August.

 

Background/Problem Discussion: Annually the Town Commission must approve the millage rate.  The Fiscal Year 2024-2025 maximum millage preliminary was approved on July 9, 2024.

 

The Fiscal Year 2024-2025 tentative millage rate is 6.9777 which is greater than the rolled-back rate of 6.0019 by 16.26% as calculated by [(6.9777 / 6.0019) - 1.00] x 100.

 

The final millage rate cannot exceed the previously set maximum millage rate (MMP) of 6.9777.  The Commission may set a final rate equal to, or less than, the MMP.  The proposed fiscal year 2024-25 millage is 6.9777; 5.7277 for the General Fund and 1.2500 for the Infrastructure Fund.  All millage calculations are based upon the certified total taxable value of $1,298,621,519.

 

Financial Implications:  Approval of millage rate provides tax revenue for the Town.

 

Recommendation:  I recommend tentative approval of Resolution 2024-25 adopting the millage rate of 6.9777 for the FY 2024-2025.

 

Proposed Motion:  I move for tentative approval of Resolution 2024-25 adopting the millage rate of 6.9777 for the FY 2024-2025.