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CASSCLBERRY CITY COMMISSION Minutes of September 9, 2019 — Regular Meeting Page 10 of 13 rate and the FY 2019-2020 budget would be held at the City Commission meeting on September 23, 2019. He then gave a presentation on both the tentative millage rate and the proposed tentative operating budget for FY 2019-2020 which included the following information. The tentative millage rate for Fiscal Year 2019-2020 is requested to be set at 3.0519 mills. The proposed tentative millage rate of 3.0519 mills is expected to provide $4,858,896 in ad valorem tax revenue for Fiscal Year 2019-2020, which is 97% of the total tax levy of $5,009,172, 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 6.62% above the rolled -back rate of 2.8624 mills and will result in a TIF (Tax Increment Funding) payment from the City to the Casselberry CRA (Community Redevelopment Agency) of $474,033 based on this levy. This will be considered a tax increase; therefore, a Notice of Proposed Tax Increase will be advertised within fifteen (15) days of the passage of Resolution 19-3123. Mr. Newlon stated that the tentative budget being proposed for Fiscal Year 2019-2020 is in the amount of $73,109,335 and provided an overview of the proposed increases and decreases in each fund, the projects and proposed expenditures which resulted in the increases and decreases, and additional details as to the proposed revenues and expenditures contained in the proposed tentative budget. Budget Impact: The tentative millage rate of 3.0519 mills is expected to provide approximately $4,858,896 (at 97% of the total tax levy) 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 $474,033. Both are included in the requested tentative budget for Fiscal Year 2020. Recommendation: The City Manager and the Finance Director recommended approval of Resolution 19- 3123 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 19-3123. Mayor Glancy opened the floor for public participation. No one came forward to address Resolution 19-3123. Mayor Glancy closed the public hearing relative to Resolution 19-3123. MOTION: Commissioner Hufford moved to approve Resolution 19-3123 setting the tentative millage rate for Fiscal Year 2019-2020 at 3.0519 mills, as presented. Motion was seconded by Commissioner Busch. Motion carried unanimously by voice vote 4-0. C. Resolution 19-3124 - Tentative Operating Budget for Fiscal Year 2019-2020 The City Clerk read Resolution 19-3124 by title, as follows: