Summary
To: Town Commission
From: Ashley L. A. Bernal, Management Analyst
Date: 9/17/2019
______________________________________________________________________
Subject:
Title
Resolution 2019-15, Adopting the millage rate for fiscal year 2019-2020.
Summary:
This is the second hearing for the approval of the Fiscal Year 2019-20 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 2019-20 millage rate is 6.5000 which is greater than the rolled-back rate of 6.2169 by 4.55%.
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 2019-20 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 $815,959,153, a 9.08% increase from the prior year. All funds are balanced at the proposed millage.
Financial Implications: See Budget Attachments.
Recommendation: Approval of Resolution 2019-15 adopting the millage rate of 6.5000.
Proposed Motion: I move approval of Resolution 2019-15 adopting the millage rate of 6.5000; Provided that 6.5000 is greater than the rolled-back rate of 6.2169 by 4.55%.