Title
MOTION TO ADOPT PROPOSED ORDINANCE NO. 2023-10 ON SECOND AND FINAL READING.
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF PEMBROKE PINES, FLORIDA, ESTABLISHING THE OPERATING MILLAGE RATE OF 5.6690 OR $5.6690 PER THOUSAND DOLLARS OF TAXABLE ASSESSED PROPERTY VALUE, WHICH IS 8.91% ABOVE THE ROLLED-BACK RATE OF 5.2052, FOR THE CITY OF PEMBROKE PINES, FLORIDA, PURSUANT TO THE 2023-2024 CITY BUDGET, IN ACCORDANCE WITH CHAPTER 200, FLORIDA STATUTES; AND ESTABLISHING THE DEBT SERVICE MILLAGE RATE OF 0.3410 FOR DEBT SERVICE ON THE GENERAL OBLIGATION BONDS APPROVED BY THE ELECTORATE; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; PROVIDING FOR AN EFFECTIVE DATE.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. The millage rate for fiscal year 2023-24 is required to be adopted by Ordinance.
2. The proposed operating millage rate for 2023-24 is 5.6690, which is the same as the Adopted Millage Rate for fiscal year 2022-23. It will generate approximately $94.2 million of ad valorem taxes.
3. The proposed operating millage rate of 5.6690, is 8.91% above the rolled-back millage rate of 5.2052. Four (4) affirmative votes are required to adopt this rate of 5.6690.
4. The proposed debt service millage rate is 0.3410, which is 0.0425 mills below the 2022-23 adopted rate. The revenues will be used to pay principal, interest, and other fees related to the General Obligation Bonds.
Adopted Proposed
2022-23 2023-24 Change
Operating Millage 5.6690 5.6690 0.0000
Debt Service Millage 0.3835 0.3410 (0.0425)
Total Millage 6.0525 6.0100 (0.0425)
5. The 2023-24 Proposed Aggregate Millage Rate is 6.0100 and marks the eighth consecutive year-over-year decrease.
6. Recommend adopting Proposed Ordinance 2023-10 on second and final reading.
FINANCIAL IMPACT DETAIL:
a) Initial Cost: Not Applicable
b) Amount budgeted for this item in Account No:
001-000-0000-311001-0000-000-0000-- General Fund Current Ad Val...
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