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CASSGLBERRY CITY COMMISSION Minutes of September 9, 2024— Regular Meeting Page 10 of 16 Budget Impact: The proposed tentative millage rate of 2.9000 mills is expected to provide $7,147,566 (at 97% of the total tax levy) in ad valorem tax revenue to tine 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 proposed tentative millage rate of 2.9000 mills calculates to a TIF payment from the City to the CRA of $670,721. Both are included in the requested tentative budget for Fiscal Year 2025. The proposed tentative voted debt millage rate of 0.6633 is expected to produce $1,634,822 (at 97% of the total tax levy). This is sufficient to cover the Parks General Obligation Bond FY 2025 debt service payments. Revenue will be budgeted in the FY 2025 Adopted Budget in Debt Service Fund Special Assessments/Parks City Bond account 201-0000-325.10-00. Recommendation: The City Manager and the Finance Director recommended approval of Resolution 24- 3458 to adopt and set the tentative millage rate at 2.9000 mills and the tentative voted debt millage rate at 0.6633 mills. Public Hearing: Mayor Henson stated this was a public hearing to hear and consider comments and questions regarding Resolution 24-3458, tentative millage rate and tentative voted debt millage rate for Fiscal Year 2024-2025. Mayor Henson opened the floor for public participation. No one came forward to address Resolution 24-3458. Mayor Henson closed the public hearing relative to Resolution 24-3458. MOTION: Commissioner Busch moved to approve Resolution 24-3458 setting the tentative millage rate for Fiscal Year 2024-2025 at 2.9000 mills and the tentative voted debt millage rate at 0.6633 mills, as presented. Motion was seconded by Vice Mayor Aramendia. Motion carried unanimously by voice vote 5-0. Mayor Henson announced that the City of Casselberry has adopted a tentative millage rate of 2.9000 mills for Fiscal Year 2024-2025 and 0.6633 mills as the tentative voted debt millage rate for Fiscal Year 2024- 2025. The tentative operating millage rate is 7.94% higher than the rolled -back rate of 2.6868 mills. The City Commission will hold a final public hearing on Monday, September 23, 2024 at 5:30 p.m. in City Hall Commission Chambers located at 95 Triplet Lake Drive. At the conclusion of that hearing the City Commission intends to adopt a final millage rate and voted debt millage rate for Fiscal Year 2024-2025. All interested parties are invited to attend. B. Resolution 24-3459 — Tentative OperatingBudget for Fiscal Year 2024-2025 Mayor Henson announced for the record that the first public bearing to consider the City of Casselberry's tentative operating budget for Fiscal Year 2024-2025 would now begin.