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CASSELBERRY CITY COMMISSION Minutes of September 11, 2006 - Executive Session & Regular Meeting Page 3 of12 Staff Presentation: Mr. Miller announced the City of Casselberry's tentative 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 tentative operating millage rate is 24.05% above the rolled-back rate per certification ofthe Seminole County Property Appraiser. The following scrivener's error was noted: In the title of Resolution 06-1707, "September 30, 2006" has been corrected to "September 30, 2007". Budget Impact: The adoption of a tentative millage rate of 5 .00 mills for Fiscal Year 2006 - 2007 will produce $7,042,652 of ad valorem tax revenue. This is an increase of$I,705,929 (32%) 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 ($361,423) is used to cover a reduction in all other General Fund revenues of$549,261, netted with an increase of use of Fund Balance over last year of$187,838 (54%). Recommendation: The City Manager and the Finance Director recommended adoption of Resolution 06- 1707, as corrected, establishing the tentative operating millage rate at 5.00 mills for Fiscal Year 2006 - 2007. Public Hearing: Mayor Goff announced a public hearing was being conducted to hear and consider comments and questions regarding the City's proposed millage rate for the coming Fiscal Year 2006-2007. Mayor Goff opened the floor for public participation. No one came forward. Mayor Goff closed the floor for public participation and opened the hearing to consider City Commission comments and questions regarding the millage rate. There was no discussion by the City Commission on the matter. MOTION: Commissioner Doerner moved to adopt Resolution 06- 1707, establishing the tentative operating miUage rate at 5.00 mills for Fiscal Year 2006 - 2007, as corrected. Motion was seconded by Vice Mayor Hart. Motion carried unanimously 5 - 0 by voice vote. Mayor Goff announced the City of Casselberry has adopted a property tax rate of 5.00 mills as the tentative millage rate for Fiscal Year 2006 - 2007. This rate is 24.05% greater than the rolled-back rate of 4.037 mills. The City Commission will hold a final public hearing on Monday, September 25, 2006 at 7:00 p.m. in the City Commission Chambers, City Hall, 95 Triplet Lake Drive, Casselberry, Florida. At the conclusion of that hearing the City Commission intends to adopt a final millage rate for Fiscal Year 2006 - 2007. All interested parties are invited to attend. B. RESOLUTION 06-1708 - TENTATIVE BUDGET FOR FISCAL YEAR 2006- 2007 The City Clerk read Resolution 06-1708 by title as follows: "A RESOLUTION OF THE CITY OF CASSELBERRY, FLORIDA, ADOPTING THE TENTATIVE BUDGET FOR THE CITY OF CASSELBERRY FOR THE FISCAL YEAR COMMENCING OCTOBER I, 2006 AND ENDING ON SEPTEMBER 30, 2007; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE."