Agenda Item: 6(a)
Prepared By: Melissa Hinton, Budget Manager
Business: Public Hearing
Department: Finance
Subject:
Title
Resolution - Adopting the Tentative FY2025 Millage Rate - City of Marco Island - Guillermo Polanco, Director, Finance
Body
BACKGROUND:
City Council is requested to consider the attached resolution setting the tentative millage rate for the 2025 City Budget. This resolution conforms with the discussions at your July 22, 2024 City Council meeting with respect to the tentative millage per Resolution 24-35.
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 tentative millage rate is the rolled back rate of 1.2400 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 1.3189 mils.
3. The current year proposed aggregate millage rate is 1.3217 mils.
4. The change over the aggregate rolled-back rate is an increase of .21 percent.
5. The millage rate to be levied is 1.2400 mils for...
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