CC Minutes 09/27/2010 - Laserfiche WebLink

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CASSI;LBI;RRY CITI' COMMISSION Minutes of September 27, 2010 -Regular Meeting Page 10 of 19 MOTION: Commissioner Miller moved to approve Resolution 10-2178, as presented. Motion was seconded by Commissioner Hufford. Motion carried unanimously by voice vote, 5 - 0. 9. ITALIC EA GS A. Resolution 10-2179 -Adopted Milla~e Rate for Fiscal Year 2010 = 2011 The City Clerlc read Resolution 10-2179 by title as follows: "A RESOLUTION OF THE CITY OF CASSELBERRY, FLORIDA, ADOPTING THE FINAL OPERATING MILEAGE RATE OF 5.45 MILLS FOR THE CITY OF CASSELBERRY FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2010 AND ENDING SEPTERMBER 30, 2011; ANNOUNCING THE PERCENTAGE BY WHICH THE TENTATIVE OPERATING MILEAGE DOES NOT EXCEED THE ROLLED-BACK RATE; PROVIDING FOR CONFLICTS, SEVERABILITY AND PROVIDING FOR AN EFFECTIVE DATE." Notice of Public Hearing: The Notice of Public Hearing relative to Resolution 10-2179 and summary budget were published in the Orlando Sentinel on September 23, 2010; in accordance with the "Truth in Millage" (TRIM) legislation. Staff Presentation: Ml•. Randy Newlon, Finance Director, gave a presentation pertaining to both the final operating millage rate and the final budget for Fiscal Year 2010-2011. A copy of the presentation is attached to and made a part of these minutes. The City Commission held a public hearing and approved the tentative operating millage rate of 5.4500 mills on September 13, 2010. The City Manager stated the final operating millage rate for Fiscal Year 2010-2011 is set at 5.4500 mills. The rolled-back rate is 6.1539 mills. The final operating millage rate is 11.44% below the rolled-back rate. Budget Impact: The final millage rate of 5.450 mills is expected to deliver $5,942,910 in ad valorem tax revenue to the General Fund. This compares to $6, 870, 862 that was generated in FY 2010 at the same millage rate. The City is obligated to pay its Community Redevelopment Agency (CRA) a distribution called Tax Increment Funding (TIF) based on taxes assessed and collected from properties within the geographic boundaries of the CRA. The final adopted millage rate 5.450 mills will lead to a TIF payment from the City to the CRA of $280,109. Both will be included in the Adopted Budget for Fiscal Year 2010-2011. Recommendation: The City Manager and the Finance Director recommended approval of Resolution 10- 2179. . Public Hearing: Mayor Glancy opened the public hearing relative to Resolution 10-2179 to hear and consider comments and questions regarding the City's final millage rate for the coming fiscal year. No one came fol•ward. Mayor Glancy closed the public hearing relative to Resolution 10-2179.