Summary
To: Town Commission
From: Gay Lancaster, Town Manager
Date: 9/15/2026
______________________________________________________________________
Subject:
Title
Final Adoption of Millage Rate for FY 2026-2027
Summary:
Review of Final Millage Rate for FY 2026-2027
End
Body
Previous Commission Action: Town Commission approved the proposed maximum millage rate of 6.9777 on 7/21/2026, and the tentative millage rate on 9/3/2026
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.
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)-1.00]x100.
The final millage rate cannot exceed the proposed millage rate approved by the Commission on 7/21/2026. The proposed fiscal year 2026-2027 millage rate is 6.9777; 5.2332 for the General Fund and 1.74445 for the Capital Projects Fund. All millage calculations are based upon the certified tax roll value of $1,467,156,877.
Expenditure Challenges The annual millage is based on generating to fund the operation and maintenance of the Town, plus maintaining sufficient reserves for emergencies and unexpected infrastructure repairs.
Financial Implications: The approval of the millage rate of 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 final approval of the millage rate of 6.9777.
Proposed Motion I move for approval of Resolution 2026-12 adopting the final millage rate of 6.9777 for the Fiscal Year 2026-2027; provided that 6.9777 is greater than the rolled-back rate of 6.6383 by 5.11%.