TO: Mayor and City Commission
FROM: Cale Curtis, City Manager
DATE: September 18, 2024
Title
APPROVING THE MILLAGE RATE FOR THE CITY OF MARGATE FISCAL YEAR 2024/2025 IN THE AMOUNT OF 7.5667 MILLS PER THOUSAND DOLLARS OF ASSESSED VALUATION (WHICH INCLUDES 0.4496 FOR VOTED DEBT SERVICE); THAT THE OPERATING MILLAGE RATE OF 7.1171 IS 8.89% HIGHER THAN THE ROLLED-BACK RATE OF 6.5360.
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BACKGROUND: This agenda item is for approval of a millage rate for the City, for Fiscal Year 2024/2025, of 7.5667 mills per thousand dollars of assessed valuation. The breakdown of that millage rate is shown below.
Operating Millage 7.1171
G.O. Refunding Bond, Series 2016 Debt Service Millage 0.3121
G.O. Bond, Series 2019 Debt Service Millage 0.1375
Total Millage 7.5667
The operating millage rate for FY 2024/2025 of 7.1171 is the same millage rate as FY 2023/2024.
RECOMMENDATION: Approve
FISCAL IMPACT: As per Fiscal Year 2024/2025 budget
CONTACT PERSON: Ismael Diaz, Finance Director