Title
MOTION TO ESTABLISH THE MILLAGE RATE TO BE ADVERTISED IN THE TRIM NOTICE PUBLISHED BY THE BROWARD COUNTY PROPERTY APPRAISER, DUE TUESDAY, AUGUST 4, 2026.
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 Tuesday, August 4, 2026.
2. Once the City’s millage rate for the fiscal year 2026-27 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 unless each taxpayer in the jurisdiction is notified of the increase by first class mail at the taxing authority’s expense (s. 200.065(2)(d), F.S.).
3. The June 1, 2026, taxable value for the City is $20.9 billion and represents a 4.76% increase over the 2025 final taxable value of $19.9 billion.
4. At this point in the budget preparation process, the General Fund 2026-27 Proposed Budget is balanced with $4.5 million of fund balance. The General Fund includes a $540K transfer to the Road & Bridge Fund primarily for the City’s portion of the Seepage Stormwater pump station construction cost.
5. Based on the June 1st taxable value, the proposed operating millage of 5.6690 would generate $112.5 million in ad valorem revenues, which is an increase of $4.7 million over last year's budget.
6. For fiscal year 2026-27 the operating millage rate being recommended for the TRIM notice is 5.6690, which is same as the current year’s millage rate.
7. The proposed aggregate millage rate including the debt service millage rate of 0.2340 will be advertised at 5.9030 , which is 0.0522 below the current year. The impact on the median residential property is $34.10 due solely to the median residential taxable value increasing by $7,982, moving from $214,878 to $222,860.
|
|
Adopted |
Proposed |
|
|
|
2025-26 |
2026-27 |
Change |
|
Operating Millage |
5.6690 |
5.6690 |
- |
|
Debt Service Millage |
0.2862 |
0.2340 |
(0.0522) |
|
Aggregate Millage |
5.9552 |
5.9030 |
(0.0522) |
8. 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.
9. 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.
10. Recommend Commission to approve advertising in the TRIM notice an operating millage rate of 5.6690 and a debt service millage rate of 0.2340 for fiscal year 2026-27.
Financial Impact
FINANCIAL IMPACT DETAIL:
a) Initial Cost: None
b) Amount budgeted for this item in Account No: FY 2026-27
$112,464,825- # 001-000-0000-311001-0000-000-0000- General Fund - Current Ad Valorem Taxes
$4,642,225 - # 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