TO: Mayor and City Commission
FROM: Cale Curtis, City Manager
DATE: September 16, 2020
Title
APPROVING THE MILLAGE RATE FOR THE CITY OF MARGATE FISCAL YEAR 2020/2021 IN THE AMOUNT OF 7.7383 MILLS PER THOUSAND DOLLARS OF ASSESSED VALUATION (WHICH INCLUDES .6212 FOR VOTED DEBT SERVICE); THAT THE OPERATING MILLAGE RATE OF 7.1171 IS 5.48% HIGHER THAN THE ROLL-BACK RATE OF 6.7471.
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BACKGROUND: This agenda item is for approval of a millage rate for the City, for Fiscal Year 2020/2021, of 7.7383 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 0.4263
G.O. Bond, Series 2019 Debt Service Millage 0.1949
Total Millage 7.7383
The operating millage rate for FY 2020/2021 of 7.1171 is the same millage rate as FY 2019/2020.
RECOMMENDATION: Approve
FISCAL IMPACT: As per Fiscal Year 2020/2021 budget
CONTACT PERSON: Mary Beazley, Finance Director