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Agenda Item: 4(a) |
Prepared By: David Harden |
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Business: Public Hearing |
Department: Executive |
Subject:
Title
Resolution Adopting the Final FY2020 Millage Rate - City of Marco Island
Body
BACKGROUND:
City Council is requested to consider the attached resolution setting the final millage rate for the 2020 City Budget. This resolution conforms with the tentative millage rate set at your September 3, 2019 City Council meeting per Resolution 19-29.
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 1.8057 mils for City operations and 0.0764 mils for City voted debt Service.
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 1.8698 mils.
3. The change over the aggregate rolled-back rate is a reduction of 0.83 percent.
4. The millage rate to be levied is 1.8057 mils for City of Marco Island operations and
0.0764 mils for City voted debt service for a total of 1.8821 mils.
5. The City has a dependent special district and the Board of Supervisors of the Hideaway
Beach Special Taxing District at their May 2, 2019 meeting recommended a tax levy of 1.000 mil for district operations.
FUNDING SOURCE / FISCAL IMPACT: The fiscal year 2020 budget is presented in balance and the operating millage rate of 1.8057 will support the budget as discussed by City Council. The proposed budget continues the process of eliminating the requirement to borrow money to pay for renewal, replacement, and improvement of currently owned assets by accumulating funding to build reserves for a prescribed list of projects.
RECOMMENDATION: Conduct the public hearings required by TRIM regulations and approve the resolution adopting final tax levy millage rate. The rate to be considered at this second public hearing can be lower, but no higher than the rate approved at the September 3, 2019 hearing. The budget is based upon an operating millage rate of 1.8057 mils plus 0.0764 mils for voted debt service. The operating millage can be reduced in the motion below, but not increased from the tentative rate of 1.8057 mils, as adopted per resolution 19-29.
POTENTIAL MOTION: “I move adoption of Resolution 19-36 authorizing a final tax levy and millage rate of 1.8057 mils for City operations and 0.0764 mils for City voted debt service for the City of Marco Island, exclusive of dependent taxing districts.”