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Agenda Item: 6(c) |
Prepared By: Melissa Raynor, Budget Manager |
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Business: Public Hearing |
Department: Finance |
Subject:
Title
Resolution - Adopting the Final FY2024 Millage Rate - Hideaway Beach Special Taxing District - Guillermo Polanco, Director, Finance
Body
BACKGROUND:
This resolution is for adoption of the final millage rate for the Hideaway Beach Special Taxing District. This millage is paid only by property owners within the District boundaries as shown on the attached map. The Hideaway Beach Board of Supervisors proposes to raise their millage above the rolled back rate to fund their FY2024 budget.
Section 200.065, Florida Statutes, governs the budget adoption process. The Truth in Millage (“TRIM”) statute establishes a detailed timeline and approval process that includes a requirement for two public hearings to be held in the month of September and separate ordinances or resolutions to establish the tax levy and to approve the annual budget.
To comply with TRIM regulations, City Council is required to take actions in a specified order. At each of the public hearings, the public may speak and ask questions before Council adopts any measures. Then the millage rate and budget must be adopted by separate votes at the advertised hearing. The final millage rate adopted at the second hearing cannot exceed the tentative millage rate adopted at the first hearing.
The final millage rate being considered is 1.6000 mil for District operations. Any change approved by City Council will be reflected on second reading.
Required public hearing announcements will be made prior to consideration of the resolution and not repeated.
1. The name of the taxing authority is Hideaway Beach District.
2. The current year rolled-back rate is 1.3079 mils.
3. The Hideaway Beach District is a dependent special district of the City and the Board of the Hideaway Beach Special Taxing District at their May 9, 2023 meeting has recommended a tax levy of 1.6000 mil for district operations, an increase of 22.3% above the rolled back rate.
FUNDING SOURCE / FISCAL IMPACT: The fiscal year 2024 budget is in balance with a tax levy of 1.6000 mil for District operations. No debt service millage is needed since the district’s voted debt service has been repaid as scheduled.
RECOMMENDATION: Conduct the public hearings required by TRIM regulations and approve the ordinance adopting the final tax levy millage rate on first reading. The tax levy for the Hideaway Beach Special Taxing District is consistent with voter referendum establishing the District and is required to finance the District’s beach projects.
POTENTIAL MOTION: “I move adoption of Resolution 23-48 authorizing the FY 2024 tax levy and millage rate for the Hideaway Beach Special Taxing District of 1.6000 mil for district operations.”