TO: Mayor and Commissioners
FROM: Hugh Dunkley, Chief Financial Officer
THROUGH: Terrence R. Moore, ICMA-CM
DATE: July 16, 2024
Title
FISCAL YEAR 2024-25 PROPOSED MILLAGE RATE
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Recommended Action:
Recommendation
Motion to Approve Staff's recommendation that the City Commission set the proposed Millage Rate at 6.2611 mills for operating and 0.0337 mills for debt service for a total of 6.2948 mills.
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Background:
On June 26, 2024, the Palm Beach County Property Appraiser provided the 2024 Certified Taxable Value for the City of Delray Beach. The Certified Taxable Value before Net New Value was $17,717,225,117. With the addition of the Net New Value (new construction, additions, annexations, and deletions) of $ 389,056,288, the total Certified 2024 Taxable Value for the City of Delray Beach totaled $ 18,106,281,405 a 10.86% increase over the 2024 Final Taxable Value of $ 16,332,926,092.
In accordance with the Truth in Millage Act (TRIM), within 35 days from the date of certification, the City is required to provide the Property Appraiser with the proposed millage rate for Fiscal Year 2025. The proposed millage rate set by the City Commission is the maximum rate that can be levied for Fiscal Year 2024. The rate can be lowered at the public hearings in September.
At the proposed operating millage rate of 6.2611 mills, the City will recognize $86,086,186 in Ad Valorem operating revenue (net of CRA contributions) in the General Fund. The total mileage rate of 6.2611 for operating and debt service of 0.0337 for Fiscal Year 2025 is 6.2948 mills, which is less than the total millage rate of 6.4982 for the current fiscal year.
The first and second Public Hearings to adopt the Fiscal Year 2025 Budget will be held on September 3, 2024 and September 16, 2024 respectively.
City Attorney Review:
N/A
Funding Source/Financial Impact:
Finance recommends approval.
Timing of Request:
In accordance with the Truth in Millage Act (TRIM), within 35 days from the date of certification, the City is required to provide the Property Appraiser with the proposed millage rate for Fiscal Year 2025.