Summary
To: Town Commission
From: Stefan Massol, Director of Support Services
Date: 9/4/2018
______________________________________________________________________
Subject:
Title
Resolution 2018-37, Adopting the millage rate for fiscal year 2018-2019.
Summary:
This is the first hearing for the approval of the Fiscal Year 2018-19 Millage Rate
End
Body
Previous Commission Action: The Town Commission approved a maximum millage preliminary rate of 6.5000 and reviewed the budget in August.
Background/Problem Discussion: The Fiscal Year 2018-19 millage rate is 6.5000 which is greater than the rolled-back rate of 5.6392 by 15.26%.
The final millage rate cannot exceed the previously set maximum millage rate (MMP) of 6.5000. The Commission may set a final rate equal to, or less than the MMP. The proposed fiscal year 2018-19 millage is 6.5000: 5.2500 to the General Fund, and 1.2500 to the Infrastructure Fund. All millage calculations are based upon the certified total taxable value of $749,673,716, a 5.12% increase from the prior year. All funds are balanced at the proposed millage.
Financial Implications: See Budget Attachments.
Recommendation: None. This item is for Discussion Purposes Only.
Proposed Motion: None. This item is for Discussion Purposes Only.