TO: Mayor and Commissioners
FROM: Jack Warner, Finance Department
THROUGH: Donald B. Cooper, City Manager
DATE: September 8, 2016
Title
RESOLUTION NO 35-16 TENTATIVE MILLAGE LEVY
Body
Recommended Action:
Recommendation
Motion to Approve Resolution No. 35-16 Tentative Millage Levy for FY 2017.
Body
Background:
This item before Commission is Resolution No. 35-16 which tentatively levies a tax on all properties in the City of Delray Beach for FY 2017. The proposed millage rate for FY 2017 is 6.9611 which can still be reduced at the second budget hearing on September 20, 2016 when the final millage rate is adopted.
The proposed FY 2017 operating millage is 6.9611 while the proposed FY 2017 debt service millage is 0.2496. The proposed operating millage is more than the rolled back rate (6.5346) by 6.36%. The total millage rate for FY 2016 (both operating and debt) is less than the total millage rate for FY 2016 by 0.1260 or 1.72%. The final operating and debt service millage rates will be determined by the City Commission on September 20, 2016.
The assessed valuation on all taxable property within the City for operating purposes is $8,806,885,719. The assessed valuation for debt service is $8,810,213,080. The reason for the differential is the exemptions that were granted to the historic properties in the City. They apply to the operating millage only.
Pursuant to the City Charter and TRIM requirements, a public hearing must be held prior to the adoption of the resolution.
The final FY 2017 millage rate and budget are scheduled for adoption on September 20, 2016.
City Attorney Review:
Approved as to form and legal sufficiency.
Finance Department Review:
Finance recommends approval.
Funding Source:
Not applicable
Timing of Request:
This is the tentative adoption with final adoption on September 20, 2016.