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CASSELBERRY CITY COMMISSION Minutes of September 12, 2016 — Regular Meeting Page 9 of 15 ROLLED -BACK RATE AND THE TENTATIVE MILLAGE RATE TO BE LEVIED; PROVIDING FOR CONFLICTS, SEVERABILITYAND PROVIDING FOR AN EFFECTIVE DATE." Notice of Public Hearing: This public hearing was advertised within the 2016 Notice of Proposed Property Taxes (TRIM Notice) mailed to all taxpayers by the Seminole County Property Appraiser in August, 2016. Staff Presentation: City Manager Randy Newlon introduced Finance Director Rebecca Bowman who gave a brief overview of the budget adoption process noting that this was the first public hearing for both the millage rate and the FY 2016-2017 budget, and the second and final public hearing would be held at the City Commission meeting on September 26, 2016. Ms. Bowman stated that the tentative millage rate for Fiscal Year 2016-2017 was requested to be set at 3.1201 mills. She added that the proposed tentative millage rate of 3.1201 mills would result in $3,666,915 in ad valorem tax revenue for Fiscal year 2016-2017. She added that this rate was 7.78% above the rolled -back rate of 2.8949 mills and would result in a TIF (Tax Increment Funding) payment from the City to the CRA (Community Redevelopment Agency) of $156,500 based on this levy. Ms. Bowman then gave a presentation pertaining to both the tentative millage rate and the tentative budget for Fiscal Year 2016-2017, including an overview of the proposed increases in each fund and 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 budget. She advised that the most significant increases to the various funds were as follows: Building Safety Fund $ 65,700 Increase Water and Sewer Fund $ (7,035) Decrease She noted that adoption of the proposed budget of $46,975,816 would result in an increase of $4.2 million or a 9.7% increase over Fiscal Year 2015-2016. City Manager Randy Newlon announced that the tentative millage rate for 2016-2017 is being requested at 3.1201 mills, the rolled back rate is 2.8949 mills, and the tentative millage rate is 7.78% above the rolled back rate. Public Hearing: Mayor Glancy stated this was a public hearing to hear and consider comments and questions regarding the City's proposed millage rate for the coming fiscal year. Mayor Glancy opened the floor for public participation. No one came forward to address Resolution 16-2908. Mayor Glancy closed the public hearing relative to Resolution 16-2908. Budget Impact: The tentative millage rate of 3.1201 mills is expected to deliver $3,666, 915 in ad valorem tax revenue to the General Fund (net of taxpayer early pay 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 3.1201 mills will lead to a TIF payment from the City to the CRA of $156,500. Both are included in the requested tentative budget for Fiscal Year 2017. Recommendation: The City Manager and the Finance Director recommended approval of Resolution 16- 2908 to set the tentative millage rate at 3.1201 mills.