HomeMy WebLinkAbout7-27-15 Memo re- lower millage rate Financial Services
Memo
TO: Honorable Mayor and Members of City Council
VIA: David L. Greene, City Manager
FROM: John De Leo, Administrative/Financial Services Director
DATE: July 27, 2015
RE: Tentative Proposed Millage Rolled -Back Rate for Fiscal Year 2015-2016
The City Council at its July 21, 2015 Regular Meeting approved Resolution No. 2015-
07 adopting a tentative proposed millage rate of 3.5513 mills for all City operating
purposes. This millage represents the rolled -back rate. During the Budget Workshop
Meeting, Staff suggested the possibility of lowering the millage rate slightly below the
rolled -back rate. By lowering the millage rate below the adopted rate of 3.5513 mills to
3.5432 mills, this would decrease the total Ad Valorem tax by $7,500. Although this tax
reduction may seem inconsequential, its overall impact would be significant. The
perception within the City, as well as throughout the County, could be viewed as
unprecedented. For the City to establish a millage rate below the rolled -back rate would
convey Council's leadership and dedicated management of City resources in ensuring
Fiscal responsibility.
If you have any questions or wish anything additional, please let me know. Thank you.