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CASSELBERRY CITY COMMISSION Minutes of September 14, 2020 — Regular Meeting Page 8 of 14 11. PUBLIC HEARINGS A. Resolution 20-3195 — Tentative Millage Rate for Fiscal Year 2020/2021 Staff Presentation: City Manager Randy Newlon gave a brief overview of the millage approval and budget adoption process, noting that the first public hearing for both the millage rate and the FY 2020-2021 budget would be heard by the City Commission tonight, and the second and final public hearing for both the millage rate and the FY 2020-2021 budget would be held at the City Commission meeting on September 28, 2020. He then gave a presentation on the tentative millage rate for FY 2020-2021 which included the following information. The tentative millage rate for Fiscal Year 2020-2021 is requested to be set at 2.9990 mills. The proposed tentative millage rate of 2.9990 mills is expected to provide $5,059,650 in ad valorem tax revenue for Fiscal Year 2020-2021, which is 97% of the total tax levy of $5,216,135, 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 4.58% above the rolled -back rate of 2.8676 mills and will result in a TIF (Tax Increment Funding) payment from the City to the Casselberry CRA (Community Redevelopment Agency) of $491,009 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 20-3195, Mayor Henson announced for the record that the time was now 5:20 p.m. and the first public hearing to consider the City of Casselberry's tentative millage rate for Fiscal Year 2020-2021 would now begin. The City Clerk read Resolution 20-3195 by title, as follows: "A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF CASSELBERRY, FLORIDA, ADOPTING THE TENTATIVE MILLAGE RATE FOR THE CITY OF CASSELBERRY FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2020 AND ENDING SEPTEMBER 30, 2021; ANNOUNCING THE ROLLED -BACK MILLAGE RATE, THE PERCENTAGE BY WHICH THE TENTATIVE MILLAGE EXCEEDS THE ROLLED -BACK RATE AND THE TENTATIVE MILLAGE RATE TO BE LEVIED; PROVIDING FOR CONFLICTS, SEVERABILITY AND PROVIDING FOR AN EFFECTIVE DATE." Notice of Public Hearing: The Notice of Public Hearing relative to the tentative millage rate 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 2020, in accordance with Truth In Millage (TRIM) requirements. Budget Impact: The tentative millage rate of 2.9990 mills is expected to provide $5,059,650 (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 collections 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 2.9990 mills calculates to a TIF payment from the City to the CRA of $491,009. Both are included in the requested tentative budget for Fiscal Year 2021.