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CASSl;L131;RRY CITY COMMISSION Minutes of September 2G, 2011-Regular Meeting Page 6 of 11 fourth quarter of Fiscal Year 2011. Budget Impact: The fourth quarter budget amendments listing is attached to the Resolution. Recommendation: The City Manager and the Finance Director recommended approval of Resohrtion 11- 23 09. MOTION: Commissioner Hufford moved approve the Consent Agenda, as presented. Motion was seconded by Commissioner Solomon. Motion carried unanimously by voice vote 5 - 0. 9. P~J~ IC EA NGS A. Resolution 11-2306 -Adopted Millag;e Rate for Fiscal Year 2011 - 2012 The City Clerk read Resolution 11-2306 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, 2011 AND ENDING SEPTERMBER 30, 2012; 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 11-2306 and summary budget were published in the Orlando Sentinel on September 22, 2011, in accordance with the "Truth in Millage" (TRIM) legislation. Staff Presentation: Mr. Randy Newlon, Finance Director, gave a presentation pertaining to both the final operating millage rate and the final budget for Fiscal Year 2011-2012. 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 12, 2011. The City Manager stated the final operating millage rate for Fiscal Year 2011-2012 is set at 5.4500 mills. The rolled-back rate is 5.8509 mills. The final operating millage rate is 6.85% below the rolled-back rate. Budget Impact: The final millage rate of 5.450 mills is expected to deliver $5,560,986 in ad valorem tax revenue to the General Fund. This compares to $5,942,910 that was generated ui FY 2411 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 propetties 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 $233,975. Both will be included in the Adopted Budget for Fiscal Year 2011-2012. Recommendation: The City Manager and the Finance Director recommended approval of Resolution 11-