Title
MOTION TO ESTABLISH THE MILLAGE RATE TO BE ADVERTISED IN THE TRIM NOTICE PUBLISHED BY THE BROWARD COUNTY PROPERTY APPRAISER DUE FRIDAY, AUGUST 2, 2024.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. The City's millage rate to be advertised for the TRIM notice must be sent to the Broward County Property Appraiser by Friday, August 2, 2024.
2. Once the City’s millage rate for the fiscal year 2024-25 has been published in the TRIM notice, the City may subsequently adopt a lower operating millage rate than the one advertised, but CANNOT adopt an operating millage rate that is higher than the published rate.
3. The July 1, 2024, taxable value for the City is $18.9 billion and represents an 8.39% increase over the 2023 final taxable value of $17.4 billion.
4. For fiscal year 2024-25 the operating millage rate being recommended for the TRIM notice is 5.6690, which is same as the current year’s millage rate.
5. The proposed aggregate millage rate including the debt service millage rate of 0.3208 will be advertised at 5.9898, which is 0.0202 below the current year. The impact on the median residential property is $85.23 due solely to the median residential taxable value increasing by $15,610, moving from $186,840 to $202,450.
|
|
|
Adopted |
Proposed |
|
|
|
|
2023-24 |
2024-25 |
Change |
|
|
Operating Millage |
5.6690 |
5.6690 |
- |
|
|
Debt Service Millage |
0.3410 |
0.3208 |
(0.0202) |
|
|
Total Millage |
6.0100 |
5.9898 |
(0.0202) |
6. Based on the July 1st taxable value, the proposed operating millage of 5.6690 would generate $101.7 million in ad valorem revenues.
7. Regardless of the operating millage rate selected, only a majority, which is three (3) affirmative votes of the Commission, is needed to approve the rate to be advertised in the TRIM Notice.
8. However, in September, it will require a super majority, four (4) affirmative votes of the City Commission to adopt the proposed operating millage rate of 5.6690.
9. Recommend Commission to approve advertising in the TRIM notice an operating millage rate of 5.6690 and a debt service millage rate of 0.3208 for fiscal year 2024-25.
Financial Impact
FINANCIAL IMPACT DETAIL:
a) Initial Cost: No cost, this item generates ad valorem revenues of $101.7 million to the General Fund and $5.8 million for the Debt Service
b) Amount budgeted for this item in Account No: FY 2024-25
$101,737,188 - # 001-000-0000-311001-0000-000-0000 General Fund - Current Ad Valorem Taxes
$5,757,152 - # 201-000-0900-311001-0000-000-0000 Debt Service - Current Ad Valorem Taxes
c) Source of funding for difference, if not fully budgeted: Not applicable.
d) 5 year projection of the operational cost of the project: Not applicable.
e) Detail of additional staff requirements: Not Applicable.
FEASIBILITY REVIEW:
A feasibility review is required for the award, renewal and/or expiration of all function sourcing contracts. This analysis is to determine the financial effectiveness of function sourcing services.
a) Was a Feasibility Review/Cost Analysis of Out-Sourcing vs. In-House Labor Conducted for this service? Not Applicable
b) If Yes, what is the total cost or total savings of utilizing Out-Sourcing vs. In-House Labor for this service? Not Applicable