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CASSELBERRY CITY COMMISSION Minutes of September 9, 2024 — Regular Meeting Page 9 of 16 11. PUBLIC HEARINGS A. Resolution 24-3458 — Tentative Millage Rate and Voted Debt Millage Rate for Fiscal Year 2024/2025 Mayor Henson announced for the record that the first public hearing to consider the City of Casselberry's tentative millage rate for Fiscal Year 2024-2025would now begin. The City Clerk read Resolution 24-3458 by title, as follows: "A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF CASSELBERRY, FLORIDA, ADOPTING THE TENTATIVE MILLAGE RATE AND THE VOTED DEBT MILLAGE RATE FOR THE CITY OF CASSELBERRY FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2024 AND ENDING SEPTEMBER 30,2025; 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 tentative 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 2024, in accordance with Truth In Millage (TRIM) requirernents. 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, the voted debt millage rate and the FY 2024-2025 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 2024-2025 Budget would be held at the City Commission meeting on September 23, 2024 He then gave a presentation on the tentative millage rate and the tentative voted millage rate for FY 2024-2025 which included the following information. The tentative millage rate for Fiscal Year 2024-2025 is requested to be set at 2.9000 mills. The tentative voted debt millage rate is requested to be set at 0.6633 mills. The proposed tentative millage rate of 2.9000 mills is expected to provide $7,147,566 in ad valorem tax revenue for Fiscal Year 2024-2025, 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 proposed tentative voted debt millage rate of 0.6633 will yield $1,634,822 (at 97% of the total tax levy) to the Debt Service Fund. The requested tentative millage rate is 7.94% above the rolled -back rate of 2.6868 mills and will result in a TIF (Tax Increment Funding) payment from the City to the Casselberry CRA (Community Redevelopment Agency) of $670,721 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 24-3458.