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File #: 2020-11    Version: Name: Motion to Adopt Proposed Ordinance No 2020-11
Type: Ordinance Status: Second Reading
File created: 8/19/2020 In control: City Commission
On agenda: 9/16/2020 Final action: 9/16/2020
Title: MOTION TO ADOPT PROPOSED ORDINANCE NO. 2020-11 ON SECOND AND FINAL READING. PROPOSED ORDINANCE NO. 2020-11 IS AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF PEMBROKE PINES,FLORIDA, ESTABLISHING THE OPERATING MILLAGE RATE OF 5.6736 OR $5.6736 PER THOUSAND DOLLARS OF TAXABLE ASSESSED PROPERTY VALUE, WHICH IS 4.96% ABOVE THE  ROLLED-BACK RATE OF 5.4056, FOR THE CITY OF PEMBROKE PINES, FLORIDA, PURSUANT TO THE 2020-2021 CITY BUDGET, IN ACCORDANCE WITH CHAPTER 200, FLORIDA STATUTES; AND ESTABLISHING THE DEBT SERVICE MILLAGE RATE OF 0.4273 FOR DEBT SERVICE ON THE GENERAL OBLIGATION BONDS APPROVED BY THE ELECTORATE; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; PROVIDING FOR AN EFFECTIVE DATE.
Sponsors: Budget
Attachments: 1. 1. NEW REVISED Proposed Ordinance 2020-11 Revision 1, 2. 2. OLD Proposed Ordinance 2020-11
Title

MOTION TO ADOPT PROPOSED ORDINANCE NO. 2020-11 ON SECOND AND FINAL READING.

PROPOSED ORDINANCE NO. 2020-11 IS AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF PEMBROKE PINES,FLORIDA, ESTABLISHING THE OPERATING MILLAGE RATE OF 5.6736 OR $5.6736 PER THOUSAND DOLLARS OF TAXABLE ASSESSED PROPERTY VALUE, WHICH IS 4.96% ABOVE THE  ROLLED-BACK RATE OF 5.4056, FOR THE CITY OF PEMBROKE PINES, FLORIDA, PURSUANT TO THE 2020-2021 CITY BUDGET, IN ACCORDANCE WITH CHAPTER 200, FLORIDA STATUTES; AND ESTABLISHING THE DEBT SERVICE MILLAGE RATE OF 0.4273 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 2020-21 is required to be adopted by Ordinance.

2.                     The proposed operating millage rate for 2020-21 is 5.6736, which is the same as the 2019-20 adopted rate. It will generate approximately $77.1 million of ad valorem taxes.  The advertised rate of 6.1152 was presented at the first reading of this ordinance on September 3, 2020.  However, Commission subsequently approved an operating millage rate of 5.6736 at that meeting. 

3.                     The proposed operating millage rate of 5.6736, is 4.96% above the rolled-back millage rate of 5.4056. Four affirmative votes are required to adopt this rate of 5.6736.

4.                     The proposed debt service millage rate is 0.4273, which is 0.0191 mills below the 2019-20 adopted rate. The revenues will be used to pay principal, interest, and other fees related to the General Obligation Bonds.

ADOPTED

PROPOSED

2019-20

2020-21

Change

Operating

5.6736

5.6736

0.0000

Debt Service

0.4464

0.4273

-0.0191

Total

6.1200

6.1009

-0.0191

5.                     Recommend passing Proposed Ordinance 20...

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