TO: Mayor and Commissioners
FROM: John Lege, Finance Director
THROUGH: Jennifer Alvarez, Interim City Manager
DATE: July 13, 2021
Title
FISCAL YEAR 2022 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 6.6611 mills for operating and 0.1792 mills for debt service for a total of 6.8403 mills.
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Background:
On June 24, 2021, the Palm Beach Property Appraiser provided the Certified 2021 Preliminary Taxable Values for the City of Delray Beach. The Preliminary Taxable Value Before Net New Value was $12,377,358,795. With the addition of the Net New Value (new construction, additions, annexations, and deletions) of $147,155,757, the total Certified 2021 Preliminary Taxable Value for the City of Delray Beach totaled $12,524,514,552, a 5.35% increase over the 2020 Final Taxable Value.
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 the proposed millage rate for Fiscal Year 2022. The proposed millage rate set by the City Commission is the maximum rate that can be levied for Fiscal Year 2022. The rate can be lowered at the public hearings in September.
At the current operating millage rate of 6.6611 mills, the City will recognize $64,408,571 in Ad Valorem operating revenue (net of CRA contributions) in the General Fund. The total millage rate of 6.8403 for operating and debt service for Fiscal Year 2022 is 0.0094 mills less that the millage rate for the current fiscal year.
A budget workshop will be held on August 24, 2021 and the first and second Public Hearings to adopt the Fiscal year 2022 Budget will be held on September 10, 2021 and September 24, 2021, respectfully.
City Attorney Review:
N/A
Finance Department Review:
Finance recommends approval.
Funding Source:
N/A