TO: Mayor and City Commission
FROM: Cale Curtis, City Manager
DATE: September 18, 2019
Title
APPROVING THE MILLAGE RATE FOR THE CITY OF MARGATE FISCAL YEAR 2019/2020 IN THE AMOUNT OF 7.7666 MILLS PER THOUSAND DOLLARS OF ASSESSED VALUATION (WHICH INCLUDES .6495 FOR VOTED DEBT SERVICE); THAT THE OPERATING MILLAGE RATE OF 7.1171 IS 15.51% HIGHER THAN THE ROLL-BACK RATE OF 6.1612.
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BACKGROUND: This agenda item is for approval of a millage rate for the City, for Fiscal Year 2019/2020, of 7.7666 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 0.4422
G.O. Bond, Series 2019 Debt Service Millage 0.2073
Total Millage 7.7666
The operating millage rate for FY 2019/2020 of 7.1171 is an increase of .5577 from FY 2018/2019.
RECOMMENDATION: Approve
FISCAL IMPACT: As per Fiscal Year 2019/2020 budget
CONTACT PERSON: Mary Beazley, Finance Director