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CASSELBERRY CITY COMMISSION Minutes of September 26, 2016 — Regular Meeting Page 6 of 9 Staff Presentation: Finance Director Rebecca Bowman gave a brief presentation pertaining to both the final operating millage rate and the final operating budget for Fiscal Year 2016-2017. She advised that the City Commission held a public hearing and approved the tentative millage rate of 3.1201 mills on September 12, 2016. She further stated that the Commission was being asked to adopt a final operating millage rate of 3.1201 mills for Fiscal Year 2016-2017, which would result in $3,666,915 in ad valorem tax revenue for Fiscal Year 2016-2017. She added that this rate was 7.78% above the rolled -back rate of 2.8949 mills and would result in a TIF (Tax Increment Funding) payment from the City to the CRA (Community Redevelopment Agency) of $156,500. Ms. Bowman advised that the proposed budget presented at the first public hearing was $46,975,816 and that no modifications to the budget had occurred since the public hearing; therefore, the final budget being presented for consideration at the second and final public hearing was $46,975,816. She further advised that the most significant increases to the various funds were as follows: Building Safety Fund $ 65,700 Increase Water and Sewer Fund $ (7,035) Decrease Ms. Bowman then gave a brief overview of the projects and proposed expenditures which resulted in the increase and decrease, and additional details as to the proposed revenues and expenditures contained in the budget, noting that adoption of the proposed budget of $46,975,816 would result in an increase of $4.2 million or a 9.7% increase over Fiscal Year 2015-2016. Mr. Newlon announced that the final operating millage rate for Fiscal Year 2016-2017 was proposed to be set at 3.1201 mills, which was 7.78% above the rolled -back rate of 2.8949 mills. 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. No one came forward. Mayor Glancy closed the public hearing relative to Resolution 16-2912. Budget Impact: The final millage rate of 3.1201 mills is expected to deliver $3,666,915 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 Increment Funding (TIF) based on taxes assessed and collected from properties within the geographic boundaries ofthe CRA. The final millage rate of 3.1201 mills will lead to a TIF payment from the City to the CRA of $156,500. This information is included in the requested Final Budget for Fiscal Year 2016-2017. Recommendation: The City Manager and the Finance Director recommended adoption of Resolution 16- 2912 to set the final adopted millage rate for FY 2017 at 3.1201 mills. MOTION: Commissioner Solomon moved to approve Resolution 16-2912, establishing the final operating millage rate of 3.1201 mills for Fiscal Year 2016-2017, as presented. Motion was seconded by Vice Mayor Aramendia. Motion carried unanimously by voice vote 4-0. Mayor Glancy announced that the City of Casselberry has adopted a property tax rate of 3.1201 mills as the final millage rate for Fiscal Year 2016-2017. This rate is 7.78% higher than the rolled back rate of 2.8949 mills.