Agenda Item: 6(a)
Prepared By: Guillermo Polanco
Business: Public Hearing
Department: Finance
Subject:
Title
Resolution Adopting the Final FY2022 Millage Rate - City of Marco Island
Body
BACKGROUND:
City Council is requested to consider the attached resolution setting the millage rate for the 2022 City Budget. This resolution conforms with the tentative millage rate set at your September 7, 2021 City Council meeting per Resolution 21-36.
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 1.7088 mils for City operations.
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 1.7566 mils.
3. The current year proposed aggregate millage rate is 1.7845 mils.
4. The change over the aggregate rolled-back rate is an increase of 1.59 percent.
5. The millage rate to be levied is 1.7088 mils for City of Marco Island.
6. The City has a dependent special district and the Board of Supervisors of the Hideaway
Beach Special Taxing District at their June 24, 2021 meeting recommended a ta...
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