AGENDA REPORT
DATE: September 23, 2024
TO: City Commission
FROM: Bill McDaniel, City Manager
SUBJECT: Public Hearing on Final Millage Rate
EXECUTIVE SUMMARY:
On July 23, 2024, the City notified the Hillsborough County Property Appraiser's Office of the proposed millage rate and the date, time, and meeting place of the proposed millage and tentative budget hearings. Based on the budget discussions at the Special City Commission Meeting held on August 21, the budget for Fiscal Year 2024-25 is balanced using the 5.7157 millage rate in effect for the current year. The public hearing to adopt the tentative millage rate was held on September 9, 2024.
As provided by State law, the maximum millage levy is the rolled-back rate adjusted by the effects of homestead exemption, portability of Save Our Homes, and growth in per capital Florida personal income. By simple majority the City Commission can approve a millage rate up to the maximum millage rate of 5.8428. The final millage rate of 5.7157 exceeds the rolled-back rate by 3.39% and requires a simple majority vote of the City Commission.
RECOMMENDATION:
That the City Commission adopt the final millage rate of 5.7157 for year 2024 and announce the rolled-back millage rate of 5.5282.
FISCAL IMPACT:
The total proposed budget for Fiscal Year 2024-25 is $125,925,917, of which $55,871,540 is in the General Fund.
Prepared by: Diane Reichard, Chief Financial Officer