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<br />City Commission Budget Workshop <br />July 16, 2007 <br />Page 2 <br /> <br />4. Budl!et Presentation for F.Y. 2008 bv Barbara Lipscomb. City Manal!er <br /> <br />The City Manager gave an overview of the F.Y. 2008 City Budget which is summarized <br />as follows: (The complete presentation by the City Manager is attached to and made a <br />part of these minutes. <br /> <br />Total Budl!et <br /> <br />The F.Y. 2008 Proposed Budget for the City of Casselberry is $45.2 million, which is an <br />18% reduction from the adopted budget ofF.Y. 2007 ($55 million). <br /> <br />General Fund <br /> <br />The General Fund Budget represents 44% of the total City budget and is proposed to be <br />at $19,970,658, which is a significant reduction in expenses and revenues from the 2007 <br />budget of $25,809,658. <br /> <br />Utility Fund <br /> <br />The utility Fund represents 27.1 % of the total budget and is proposed to be at $12.24 <br />million. Debt Service represents 7.5% of the budget at $3.40 million; Capital <br />Improvement represent 14.0$ of the budget at $6.32 million. Other revenues represent <br />6.2% at $3.27 million. <br /> <br />Property Taxes <br /> <br />The proposed property taxes for 2008 are based upon the new State of Florida property <br />tax mandate to reduce local governmental property taxes. The State has mandated that <br />local governments reduce their revenues by an additional percentage over the "rollback" <br />rate based on past growth in ad valorem revenues. The additional reduction in taxes for <br />the City amounts to 5% over the "rollback" rate. <br /> <br />The recommended F.Y. 2008 proposed millage rate, based on the "rollback" rate of 5%, <br />for the City is 4.314 mills, which totals $6,898,163. The property taxes represent 15% of <br />the City's General Fund budget. The overall impact of the State Legislature's action <br />results in a loss of revenue of $972,365 or .686 mills. The Commission will set the <br />proposed millage rate at the July 23, 2007 Commission Meeting. This rate cannot be <br />increased but can be decreased. The voting requirements for the proposed millage rate <br />are as follows: <br /> <br />Recommended Rollback (-5%) = 4.314 mills required a 3 - 2 vote <br />Rollback rate to 4.5 mills requires a 4 - 1 vote <br />To maintain 5 mills requires a majority of 5 - 0 vote <br />To exceed 5 mills requires a voter referendum <br />