Title
MOTION TO ESTABLISH THE MILLAGE RATE TO BE ADVERTISED IN THE TRIM NOTICE PUBLISHED BY THE BROWARD COUNTY PROPERTY APPRAISER, DUE MONDAY, AUGUST 4, 2025.
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 Monday, August 4, 2025.
2. Once the City’s millage rate for the fiscal year 2025-26 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 June 1, 2025, taxable value for the City is $19.9 billion and represents a 6.29% increase over the 2024 final taxable value of $18.7 billion.
4. For fiscal year 2025-26 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 0.2903 will be advertised at 5.9593, which is 0.0305 below the current year. The impact on the median residential property is $64.50 due solely to the median residential taxable value increasing by $12,428, moving from $202,450 to $214,878.
Adopted Proposed
2024-25 2025-26 Change
Operating Millage 5.6690 5.6690 -
Debt Service Millage 0.3208 0.2903 (0.0305)
Aggregate Millage 5.9898 5.9593 (0.0305)
6. Based on the June 1st taxable value, the proposed operating millage of 5.6690 would generate $107.2 million in ad valorem revenues, which is an increase of $5.5 million over last year's budget.
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 propose...
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