File #: ID 14-1283    Version: 1 Name:
Type: Resolution Status: Passed
File created: 8/12/2015 In control: City Commission Budget Hearing
On agenda: 9/3/2015 Final action: 9/3/2015
Title: APPROVING THE PROPOSED MILLAGE RATE FOR THE CITY OF MARGATE FISCAL YEAR 2015/2016 IN THE AMOUNT OF 7.3093 MILLS PER THOUSAND DOLLARS OF ASSESSED VALUATION (WHICH INCLUDES 0.9691 FOR VOTED DEBT SERVICE); THAT THE OPERATING MILLAGE RATE OF 6.3402 IS 9.1% HIGHER THAN THE ROLL-BACK RATE OF 5.8114.
Attachments: 1. RESOLUTION

 

TO:                     Mayor and City Commission

 

FROM:                     Douglas E. Smith, City Manager

 

DATE:                     September 3, 2015

 

 

Title

APPROVING THE PROPOSED MILLAGE RATE FOR THE CITY OF MARGATE FISCAL YEAR 2015/2016 IN THE AMOUNT OF 7.3093 MILLS PER THOUSAND DOLLARS OF ASSESSED VALUATION (WHICH INCLUDES 0.9691 FOR VOTED DEBT SERVICE); THAT THE OPERATING MILLAGE RATE OF 6.3402 IS 9.1% HIGHER THAN THE ROLL-BACK RATE OF 5.8114.

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BACKGROUND:                     The proposed FY 2015/2016 millage for the City is 7.3093 mills per thousand dollars of assessed valuation (same total millage rate for the City as FY 2014/2015) including 0.9691 mills for voted debt service. The operating millage rate for FY 2015/2016 of 6.3402 is an increase of 1.0% from FY 2014/2015. This is the second lowest operating millage rate since FY 2008.

                     

RECOMMENDATION:                     Approve.

 

 

FISCAL IMPACT:                     As per Fiscal Year 2015/2016 budget.

 

 

CONTACT PERSON:                     Mary Beazley, Finance Director