Agenda Item: 6(a)
Prepared By: Melissa Raynor, Budget Manager
Business: Public Hearing
Department: Finance
Subject:
Title
Resolution - Adopting the Final FY2024 Millage Rate - City of Marco Island - Guillermo Polanco, Director, Finance
Body
BACKGROUND:
City Council is requested to consider the attached resolution setting the millage rate for the 2024 City Budget. This resolution conforms with the discussions at your September 5, 2023 City Council meeting with respect to the tentative millage per Resolution 23-40.
Section 200.065, Florida Statutes, governs the budget adoption process. The Truth in Millage ("TRIM") statute establishes a detailed timeline and approval process that requires two public hearings held in the month of September and separate actions for establishing the tax levy and for approving the annual budget.
To comply with the TRIM regulations, City Council is required to take separate actions in a specified order. At each of the public hearings, the public may speak and ask questions before Council adopts any measures. Council must then adopt a millage rate before it adopts a budget. 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 tentatively adopted millage rate.
The proposed final millage rate is the rolled back rate of 1.3137 mils for City operations. Any change approved by City Council will be reflected in the resolution adopting the final millage rate.
At the hearing, prior to adoption of the millage levy resolution, the following must be announced:
1. The name of the principal taxing authority is the City of Marco Island, Florida.
2. The current year aggregate rolled-back rate is 1.3818 mils.
3. The current year proposed aggregate millage rate is 1.3980 mils.
4. The change over the aggregate rolled-back rate is an increase of 1.17 percent.
5. The millage rate to be levied is 1.3137 mils for City of Marc...
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