Summary
To: Mayor Gary H. Katica, Commissioners
From: Micah Badana
Date: 7/22/2016
______________________________________________________________________
Subject:
Title
Approval of the Maximum Millage Preliminary Rate
Summary:
As part of the Truth in Millage Process, local taxing authorities must set and notify the tax collector of, the Maximum Millage Preliminary (MMP) Rate to be levied for collection of Ad Valorem Property Tax. The final millage rate shall not exceed the previously set maximum millage rate. The Commission may set a final rate equal to, or less than the MMP. The fiscal year 2015-16 millage is 5.9257: 4.9247 to the General Fund, and 0.9830 to the Infrastructure Fund (CIP). The fiscal year 2015-16 millage calculation is based upon the certified total taxable value of $634,941,314 dollars.
Fiscal Year 2016-17 Total Taxable Value is 671,698,069 dollars and the statutory mandate of 95% percent collection of the total taxable value is $638,113,166 dollars. The taxable value represents an increase of 5.79% over the prior year's total taxable value.
At the July 21, 2016 meeting the Finance Board approved setting the Maximum Millage Preliminary Rate at 5.9257.
End
Body
Previous Commission Action: The Commission must set a maximum millage rate to be published on the TRIM notices pursuant to F.S. 200.065(5)
Background/Problem Discussion:
Staff has identified three "benchmarked" rates.
1. The current fiscal year rate of 5.9257. If this rate is retained, Total AD Valorem Proceeds will increase by 5.79%.
2. The Current Year Rolled Back Rate as per the DR-420 MMP. This rate assumes that the increase to the millage rate only reflects an adjustment to bring proceeds commensurate with the preceding year. The calculation is based on 100% collection of current year total taxable value. Staff identified this rate at 5.6058.
3. The final benchmarked rate utilizes the statutorily approved calculations for setting the maximum millage rate allowed. This ra...
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