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CASSELBERRY CITY COMMISSION Minutes of September 24, 2012 — Regular Meeting Page 7 of 21 9. PUBLIC HEARINGS A. Resolution 12 -2418 — Adoption of Final Millage Rate for Fiscal Year 2012 -2013 The City Clerk read Resolution 12 -2418 by title as follows: "A RESOLUTION OF THE CITY OF CASSELBERRY, FLORIDA, ADOPTING THE FINAL OPERATING MILLAGE RATE OF 5.4500 MILLS FOR THE CITY OF CASSELBERRY FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2012 AND ENDING SEPTEMBER 30, 2013; ANNOUNCING THE PERCENTAGE BY WHICH THE OPERATING MILLAGE 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 12 -2418 and summary budget were published in the Orlando Sentinel on September 20, 2012, in accordance with the "Truth In Millage" (TRIM) legislation. Staff Presentation: Ms. Rebecca Bowman, Finance Director, gave a brief presentation pertainingtoboththe final operating millage rate and the final budget for Fiscal Year 2012 -2013. A copy of the presentation is attached to and made a part of these minutes. Ms. Bowman advised that the City Commission held a public hearing and approved the tentative operating millage rate of 5.450 mills on September 10, 2012. She further stated that the Commission was being asked to adopt a final operating millage rate of 5.450 mills for Fiscal Year 2012 -2013. She added that this rate was 1.82 percent lower than the rolled -back rate of 5.5513. Ms. Bowman summarized by stating that the City Commission was being asked to make two motions: one to adopt a final millage rate of 5.45, and a second motion to adopt a filial total city-wide budget of $43,649,389. City Manager RandyNewlon announced that the final operating millage rate for fiscal year 2012 -2013 is set at 5.45 mills. The rolled back rate is calculated to be 5.5513 mills. The final operating millage rate is 1.82 % below the rolled back rate. Budget Impact: The final millage rate of 5.450 mills is expected to deliver $5,441,046 in ad valorem tax revenue to the General Fund. The City is obligated to pay to its Community Redevelopment Agency (CRA) a distribution called Tax IncrementFunding (TIF) based on taxes assessed and collected from properties within the geographic boundaries of the CRA. The final adopted millage rate of 5.450 mills will lead to a TIF payment from the City to the CRA of $219,540. Both are included in the Adopted Budget for fiscal Year 2012 -2013. Recommendation: The City Manager and the Finance Director recommended adoption of Resolution 12- 2418 to adopt the final millage rate of 5.450 for FY 2012 -2013. Public Hearing: Mayor Glancy stated this was a public hearing to hear and consider comments and questions regarding the City's final millage rate for the coming fiscal year. Mayor Glancy opened the floor for public participation. The following individual(s) came forward: Mr. John Horvath, 1004 Bradford Drive, Winter Park, expressed concerns about the increase in the budget and suggested tine Commission may want to look atreducing spendingthrough