Share to Facebook Share to Twitter Bookmark and Share
File #: 22-0409    Version: 1 Name: Establish the Millage Rate - TRIM
Type: Budget Status: Passed
File created: 5/11/2022 In control: City Commission
On agenda: 6/15/2022 Final action: 6/15/2022
Title: MOTION TO ESTABLISH THE MILLAGE RATE TO BE ADVERTISED IN THE TRIM NOTICE PUBLISHED BY THE BROWARD COUNTY PROPERTY APPRAISER DUE AUGUST 4, 2022.
Sponsors: Finance
Attachments: 1. 1. Millage Rate History, 2. 2. Impact on Residents
Title

MOTION TO ESTABLISH THE MILLAGE RATE TO BE ADVERTISED IN THE TRIM NOTICE PUBLISHED BY THE BROWARD COUNTY PROPERTY APPRAISER DUE AUGUST 4, 2022.

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 August 4, 2022.

2.  Once the City’s millage rate for the fiscal year 2022-23 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 preliminary June 1, 2022 taxable value for the City is $16.0 billion and represents an 8.82% increase over the 2021 final taxable value of $14.7 billion.

4.   For FY2022-23, the operating millage rate being recommended for the TRIM notice is 5.6690, which is the same as the current year’s millage rate.

5.  The proposed aggregate millage rate including the debt service millage rate of 0.3859 will be advertised at 6.0549, which is a lower aggregate rate than last year. The impact on the median residential property is $71.59.

Adopted

Proposed

2021-22

2022-23

Change

Operating Millage

5.6690

5.6690

             -  

Debt Service Millage

0.4159

0.3859

(0.0300)

Total Millage

6.0849

6.0549

(0.0300)

6.  Based on the June 1st taxable value, the proposed operating millage of 5.6690 would generate $86.2 million in ad valorem revenues, which is an increase of $6.1 million over the adopted budget for FY2021-22. 

7.  Three (3) votes are needed to approve the rate to be advertised in the TRIM Notice.

8.  However, in September, it will require a super-majority, which is 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 ...

Click here for full text