TO: Mayor and City Commission
FROM: Cale Curtis, City Manager
DATE: September 21, 2022
Title
APPROVING THE MILLAGE RATE FOR THE CITY OF MARGATE FISCAL YEAR 2022/2023 IN THE AMOUNT OF 7.6508 MILLS PER THOUSAND DOLLARS OF ASSESSED VALUATION (WHICH INCLUDES .5337 FOR VOTED DEBT SERVICE); THAT THE OPERATING MILLAGE RATE OF 7.1171 IS 11.00% HIGHER THAN THE ROLLED-BACK RATE OF 6.4119.
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BACKGROUND: This agenda item is for approval of a millage rate for the City, for Fiscal Year 2022/2023, of 7.6508 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 0.3668
G.O. Bond, Series 2019 Debt Service Millage 0.1669
Total Millage 7.6508
The operating millage rate for FY 2022/2023 of 7.1171 is the same millage rate as FY 2021/2022.
RECOMMENDATION: Approve
FISCAL IMPACT: As per Fiscal Year 2022/2023 budget
CONTACT PERSON: Ismael Diaz, Finance Director