CC Minutes 09/25/2006 - Laserfiche WebLink

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CASSELBERRY CITY COMMISSION Minutes of September 25, 2006 - Regular Meeting Page 2 of]8 4. ROLL CALL The City Clerk called the roll of Elected Officials. All were present. 5. PUBLIC HEARINGS A. RESOLUTION 06-1711 - FINAL OPERATING MILLAGE RATE FOR FISCAL YEAR 2006 - 2007 The City Clerk read Resolution 06-1711 by title as follows: "A RESOLUTION OF THE CITY OF CASSELBERRY, FLORIDA, ADOPTING THE FINAL OPERATING MILLAGE RATE OF 5.00 MILLS FOR THE CITY OF CASSELBERRY FOR THE FISCAL YEAR COMMENCING ON OCTOBER 1,2006 AND ENDING ON SEPTEMBER 30, 2007; ANNOUNCING THE PERCENTAGE BY WHICH THE TENTATIVE OPERATING MILLAGE RATE EXCEEDS THE ROLLED- BACK RATE; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE." Public Hearing Notice: Florida Statutes require the City Commission to provide public notice of, and hold two public hearings in order to achieve total compliance with the Truth in Millage (TRIM) requirements. The document entitled, "Notice of Proposed Property Taxes" served as the first notice of public hearing for the proposed budget and tentative millage rate of the City of Casselberry for Fiscal Year 2006 - 2007. The document was mailed from the Office of the Seminole County Property Appraiser to each property owner within the City on August 18, 2006. The legal advertisement for the final millage adoption was published as a quarter page display advertisement in the Orlando Sentinel on September 21, 2006 in accordance with the TRIM requirements. Staff Presentation: Eugene Miller, Interim City Manager, announced the City of Casselberry's final operating millage rate for Fiscal Year 2006 - 2007 is set at 5.00 mills, which is the same millage rate as the current Fiscal Year. The rolled-back rate is 4.037 mills. The final operating millage rate is 24.05% above the rolled-back rate per certification of the Seminole County Property Appraiser. The first public hearing relative to the adoption of the final operating millage rate was held on September II, 2006. Budget Impact: The adoption ofa final millage rate of5.00 mills for Fiscal Year 2006 - 2007 will produce $7,042,652 of ad valorem tax revenue. This is an increase of$I,765,929 (33%) over last year's ad valorem tax revenue. Of this increase, $1,344,506 is used to cover the increase in budgeted General Fund expenditures over last year (5.8% increase). The remainder of the ad valorem increase ($421,423) is used to cover a reduction in all other General Fund revenues of$609,261, netted with an increase of use of Fund Balance over last year from $345,574 to $533,412 for a difference of$187,838 (54%). (Note: Some of these figures were slightly adjusted since the first public hearing.) Recommendation: The Interim City Manager and the Finance Director recommended adoption of Resolution 06-1711, establishing the final operating millage rate at 5.00 mills for Fiscal Year 2006 - 2007.