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CASSELBERRY CITY COMMISSION Minutes of September 10, 2018 — Regular Meeting Page 11 of 16 The tentative millage rate for Fiscal Year 2018-2019 is requested to be set at 3.0519 mills. The proposed tentative millage rate of 3.0519 mills will result in $4,544,013 in ad valorem tax revenue for Fiscal Year 2018-2019, which is 97% of the total tax levy of $4,684,549, with the remaining 3% being left for early tax payment discounts and payments to the Seminole County Tax Collector for administrative fees for collecting those funds on the City's behalf. The requested rate is 1.47% above the rolled -back rate of 3.0077 mills and will result in a TIF (Tax Increment Funding) payment from the City to the Casselberry CRA (Community Redevelopment Agency) of $426,078 based on this levy. This will be considered a tax increase; therefore, a Tax Notice will be advertised within fifteen (15) days of the passage of Resolution 18-3055. Budget Impact: The tentative millage rate of 3.0519 mills is expected to provide approximately $4,544,013 in ad valorem tax revenue to the General Fund. This amount will help offset taxpayer early payment 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 3.0519 mills calculates to a TIF payment from the City to the CRA of $426,078. Both are included in the requested tentative budget for Fiscal Year 2019. Recommendation: The City Manager and the Interim Finance Director recommended approval of Resolution 18-3055 to adopt and set the tentative millage rate at 3.0519 mills. Public Hearing: Mayor Glancy stated this was a public hearing to hear and consider comments and questions regarding Resolution 18-3055. Mayor Glancy opened the floor for public participation. No one came forward to address Resolution 18-3055. Mayor Glancy closed the public hearing relative to Resolution 18-3055. MOTION: Commissioner Solomon moved to approve Resolution 18-3055 setting the tentative millage rate for fiscal year 2018-2019 at 3.0519 mills, as presented. Motion was seconded by Commissioner Hufford. Motion carried unanimously by voice vote 5-0. D. Resolution 18-3056 — Tentative Operating Budget for Fiscal Year 2018-2019 The City Cleric read Resolution 18-3056 by title, as follows: "A RESOLUTION OF THE CITY OF CASSELBERRY, FLORIDA ADOPTING THE TENTATIVE BUDGET FOR THE CITY OF CASSELBERRY FOR THE FISCAL YEAR COMMENCING ON OCTOBER 1, 2018 AND ENDING ON SEPTEMBER 30,2019; PROVIDING FOR CONFLICTS, SEVERABILITY AND PROVIDING FOR AN EFFECTIVE DATE." Notice of Public Hearing: The Notice of Public Hearing relative to the tentative budget for Fiscal Year 2018-2019 was provided to all taxpayers of the City of Casselberry by the Seminole County Property Appraiser with the Notice of Proposed Property Taxes mailed to all taxpayers in August, 2018, in accordance with Truth In Millage (TRIM) requirements.