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CASSELBERRY CITY COMMISSION Minutes of September 23, 2019 — Regular Meeting Page 7 of I I Staff Presentation: City Manager Randy Newlon stated that Resolution 19-3132 provides for adoption of the tentative millage rate of 3.0519 mills as the final millage rate for the Fiscal Year 2019-2020 (FY 2020). The City Commission held a public hearing on September 9, 2019 and approved a tentative millage rate of 3.0519, which if approved as the final millage rate would result in $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 payment 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. The City Commission is requested to approve Resolution 19-3132 adopting a final millage rate for Fiscal Year 2019-2020 of 3.0519 mills. Budget Impact: The final millage rate of 3.0519 mills is expected to deliver $4,858,896 (at 97% of the total tax levy) 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 of the CRA. The final millage rate of 3.0519 mills will lead to a TIF payment from the City to the CRA of $474,033. Both are included in the requested Final Budget for Fiscal Year 2019-2020. Recommendation: The City Manager and the Finance Director recommended approval of Resolution 19- 3132 to set the final adopted millage rate for Fiscal Year 2020 at 3.0519 mills. Public Hearing: Mayor Glancy stated this was a public hearing to hear and consider comments and questions regarding Resolution 19-3132. Mayor Glancy opened the floor for public participation. No one came forward to address Resolution 19-3132. Mayor Glancy closed the public hearing relative to Resolution 19-3132. MOTION: Commissioner Meadows moved to approve Resolution 19-3132 setting the final millage rate for Fiscal Year 2019-2020 at 3.0519 mills, as presented. Motion was seconded by Commissioner Busch. Discussion: Mayor Glancy announced that the City Commission of the City of Casselberry has a motion to: - Adopt a millage of 3.0519 as its final millage. o The final millage rate of 3.0519 is above the current year rolled -back rate of 2.8624. o The final operating millage rate is 6.62% above the rolled back rate. Motion carried unanimously by voice vote 5-0. B. Resolution 19-3133 — Adoption of Operating Budget for Fiscal Year 2019-2020 The City Clerk read Resolution 19-3133 by title, as follows: "A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF CASSELBERRY, FLORIDA, ADOPTING THE FINAL BUDGET FOR THE CITY OF CASSELBERRY FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2019 AND ENDING SEPTEMBER 30, 2020;