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CASSCLBCRRY CITY COMMISSION Minutes of September 23, 2024 — Regular Meeting Page 10 of 21 Staff Presentation: City Manager Randy Newlon stated that Resolution 24-3463 provides for adoption of the tentative millage rate of 2.9000 mills as the final millage rate for Fiscal Year 2024-2025 and adoption of the tentative voted debt millage rate of 0.6633 mills as the final voted debt millage rate for Fiscal Year 2024-2025. Tile City Commission held a public hearing on September 9, 2024 and approved a tentative millage rate of 2.9000 mills, which if approved as the final millage rate, would result in $7,147,566 at 97% of the total tax levy) in ad valorem tax revenue to the General Fund for Fiscal Year 2024-2025, and also approved a tentative voted debt millage rate of 0.6633 which if approved as the final voted debt millage rate, would result in $1,634,822 (at 97% of the total tax levy) to the Debt Service Fund for Fiscal Year 2024-2025. The requested final millage rate of 2.9000 is 7.94% above the current year rolled -back rate of 2.6868 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. The City Commission is requested to approve Resolution 24-3463 adopting a final millage rate for Fiscal Year 2024-2025 of 2.9000 mills and a final voted debt millage rate for Fiscal Year 2024-2025 of 0.6633 mills. Budget Impact: The final millage rate of 2.9000 mills is expected to deliver $7,147,566 (at 97% of the total tax levy) in ad valorem tax revenue to the General Fund. 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 final millage rate of 2.9000 mills will lead to a TIF payment from the City to the CRA of $670,721. Both are included in the requested final budget for Fiscal Year 2024-2025. The voted debt millage rate of 0.6633 mills is expected to produce $1,634,822 (at 97% of the total tax levy). Recommendation: The City Manager and the Finance Director recommended approval of Resolution 24- 3463 to set the final adopted millage rate for Fiscal Year 2024-2025 at 2.9000 mills and the 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 24-3463 and the City's final millage rates for the coming fiscal year. Mayor Henson opened the floor for public participation. No one came forward to address Resolution 24-3463. Mayor Henson closed the public hearing relative to Resolution 24-3463. MOTION: Vice Mayor Aramendia moved to approve Resolution 24-3463 adopting 2.9000 mills as the final millage rate and 0.6633 mills as the final voted debt millage rate for the City of Casselberry for Fiscal Year 2024-2025, as presented. Motion was seconded by Commissioner Busch. Motion carried unanimously by voice vote 4-0. Mayor Henson announced that the City of Casselberry has adopted a property tax rate of 2.9000 mills as the final millage rate and 0.6633 mills as the final voted debt millage rate for Fiscal Year 2024-2025. The final operating millage rate is 7.94% higher than the rolled -back rate of 2.6868 mills. E. Resolution 24-3464 — Adoption of Final Operating Budget for Fiscal Year 2024- 2025 Mayor Henson announced for the record that the public hearing to consider adoption of the City of Casselberry's final operating budget for Fiscal Year 2024-2025 would now begin.