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CASSELBERRY CITY COMMISSION Minutes of September 13, 2021 — Regular Meeting Page 14 of 19 COMMENCING OCTOBER 1, 2021 AND ENDING SEPTEMBER 30,2022; 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 and the voted debt 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 2021, in accordance with Truth In Millage (TRIM) requirements. Staff Presentation: City Manager Randy Newlon gave a brief overview of the lnillage approval and budget adoption process, noting that the first public hearing for both the millage rate, the voted debt millage rate and the FY 2021-2022 budget would be heard by the City Commission tonight, and the second and final public hearing for the millage rate, voted debt millage rate and the FY 2021-2022 budget would be held at the City Commission meeting on September 27, 2021. He then gave a presentation on the tentative millage rate and the voted millage rate for FY 2021-2022 which included the following information. The tentative millage rate for Fiscal Year 2021-2022 is requested to be set at 2.9990 mills. A new voted debt lnillage rate designed to raise funds to pay debt service for loan payments against bonds taken out toward the voter authorized parks initiative is requested to be set at .2251 mills which will raise enough to pay the debt obligation back for Fiscal Year 2021-2022. The proposed tentative millage rate of 2.9990 mills is expected to provide $5,301,157 in ad valorem tax revenue for Fiscal Year 2021-2022, which is 97% of the total tax levy, 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 4.47% above the rolled -back rate of 2.8708 mills and will result in a TIF (Tax Increment Funding) payment from the City to the Casselberry CRA (Community Redevelopment Agency) of $478,548 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 21-3265. Budget Impact: The tentative millage rate of 2.9990 mills is expected to provide $5,301,157 (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 TIT payment from the City to the CRA of $478,548. Both are included in the requested tentative budget for Fiscal Year 2022. The voted debt millage rate 0.2251 is expected to produce $397,897.00 ( at 97% of the total tax levy). This is sufficient to cover the Parks General Obligation Bond FY 2022 debt service payments. Revenue will be budgeted in the FY 2022 Adopted Budget in Parks Master Plan Fund Special Assessments/Capital Improvements account 307-0000-325.10-00. Recommendation: The City Manager and the Finance Director recommended approval of Resolution 21- 3265 to adopt and set the tentative millage rate at 2.9990 mills and the voted debt millage rate at 0.2251 mills.