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CASSELBERRY CITY COMMISSION Minutes of September 14, 2015— Regular Meeting Page 12 of 14 Mayor Glancy recessed the meeting at 5:13 p.m. Mayor Glancy reconvened the meeting 5:21 p.m. 17. PUBLIC HEARINGS At 5:21 p.m. Mayor Glancy announced for the record that the first Public Hearings for the City of Casselberry's FY 2015 -2016 tentative millage rate and budget would now begin. A. Resolution 15 -2782 — Tentative Millaye Rate for Fiscal Year 2015 -2016 The City Clerk read Resolution 15 -2782 by title as follows: "A RESOLUTION OF THE CITY OF CASSELBERRY, FLORIDA, ADOPTING THE TENTATIVE MILLAGE RATE FOR THE CITY OF CASSELBERRY FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2015 AND ENDING SEPTEMBER 30,2016; ANNOUNCING THE PERCENTAGE BY WHICH THE TENTATIVE MILLAGE IS BELOW THE ROLLED -BACK RATE; PROVIDING FOR CONFLICTS, SEVERABILITY AND PROVIDING FOR AN EFFECTIVE DATE." Notice of Public Hearing: This public hearing was advertised within the 2015 Notice of Proposed Property Taxes (TRIM Notice) mailed to all taxpayers by the Seminole County Property Appraiser in August, 2015. Budget Impact: The tentative millage rate of 3.1201 mills is expected to deliver $3,476,447 in ad valorem tax revenue to the General Fund (net of taxpayer early pay discounts and collection expenses). The City is obligated to pay to 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 tentative millage rate of 3.1201 mills will lead to a TIF payment from the City to the CRA of $127,839. Both are included in the requested tentative Budget for Fiscal Year 2015 -2016. Recommendation: The City Manager and the Finance Director recommended approval of Resolution 15- 2782 to set the tentative millage rate at 3.1201 mills. Staff Presentation: City Manager Randy Newlon introduced Finance Director Rebecca Bowman who gave a brief overview of the budget adoption process noting that this was the first public hearing for both the millage rate and the FY 2015 -2016 budget, and the second and final public hearing would be held at the City Commission meeting on September 28, 2015. Ms. Bowman stated that the tentative millage rate for Fiscal Year 2015 -2016 was requested to beset at 3.1201 mills. She added that the proposed tentative millage rate of 3.1201 mills represented a decrease in the last year's millage rate, in accordance with the fire consolidation contract with Seminole County, and was below the rolled back rate of 5.0703. She advised that, if adopted, the 3.1201 millage rate would result in a tax decrease of 38.46 %. She further stated that if the millage rate were adopted at the rate of 3.1201 mills, the City would pay $127,839 into the CRA (Community Redevelopment Agency) fund based on this levy. Ms. Bowman then gave a presentation pertaining to both the tentative millage rate and the tentative budget for Fiscal Year 2015 -2016. Ms. Bowman explained that since the original proposed budget of $42,075,377 had been presented to the Commission at its budget workshop on July 20, 2015, information had been obtained that warranted