HomeMy WebLinkAboutM-86-0648CItY OIc MIAMI, FLORIDA 36IN?ER-OFFICE -MEMORANDUM
{
TO. Honorable Mayor and Members DAtE: JUL 1 81986 '"Lli MAB13
of the City Commission
SUBJECT:Proposed Mill age Rates for FY'87
mom: Cesar Odi o
City Manager 10
REFERENCES:
ENCLOSURES;
i
It is recommended that the City Commission t
approve the attached Resolution establishing 1
the fiscal year 1986-87 proposed millage rates
for the City of Miami. '
On June 30, 1980, the state Legislature enacted House 8111 - 40 entitled Truth
in M111age (TRIM Bill)." This bill requires municipalities to establish a
proposed millage rate and stipulates that the proposed millage rate be submitted
to the Property Appraiser and the Tax Collector for -the inclusion in the City's
tax notices mailed to property owners. This is a proposed millage rate and may
be changed at the time the final budget is adopted.
The proposed FY'87 millage rates for the City of Miami (General Operating and
Debt Service) as compared to FY'86 rates are outlined below:
City of Miami
FY'86
FY'87
Di ff.
% Change
General Operating
9.8671
9.8400
(.0171)
(.17)
The millage rate for the general operating budget will be lower than FY'86 by
(.0171) mills as a result of cost containment efforts initiated during FY'86 and
increased revenues in licenses and permits utility services taxes (le. Southern
Bell) which offset the additional cost of government for FY187.
City
of Miami
FY'86
FY'87
Di ff.
t Change
Debt
Service
2.0620
2.5060
.454
22
The millage rate for Debt Service for FY'87 will increase as a result of a
decrease in available fund balance, interest, and assessment lien revenue in the
General Obligation Bond Fund as well as additional requirements for Principal,
Interest, and operating expenses.
On July 24, 1986, the City Commission must also establish meeting dates and times
of the first and second public hearings in connection with the City's FY187
proposed rai 1 l age rate and budget.
86-645
V\9%0r�
86-64 5
35 07. 2; 9,?::C,
Page 2
Proposed Millage Rates for FY'87
m,3T 613T
Outlined below are the Public Hearing Dates which are available to the City for
the first and second public hearings to adopt the FY'87 budget and proposed
millage rates. These dates have been developed by strict adherence to the rules
and regulations as set forth in the State's Trim Bill. Please note that these
two Public Hearings must be held after 5:00 pm.
Public Hearing Oates FY'87 Budget
I. Available Dates
First Public Hearing
September 9 Tuesday September
10 Wednesday
11 Thursday (City Comm. Mtg.)
12 Friday
II. Unavailable Dates
Dates
September
1
September
3
September
8
September
17
Second Public Hearing
16,
18,
19,
22,
23, 24
18,
19,
22,
23,
24, 25
18,
19,
22,
23,
24, 25, 26
19,
220
23,
24,
25, 26
01
Reason
Labor Day Holiday
School Boards 2nd Public Hearing
Dade County's First Public Hearing
Dade County's Second Public Hearing
The attached proposed resolution is prepared for the July 24, 1986 City
Commission meeting.
wee BEPTEMBER 19��
S
M
T
W
T f
�a
7
9
10
11 12
13
23
24
2S 26
27
21
22
28
29
30
86-64E
o n
i-64'91
• T
196 07i23 14147 �
381 8951 W 6GT
CITY of MIAMI. FLORIDA REVISED AGENDA ITEM #36
INTER.pRfItE MEMORANDUM
To Honorable Mayor and Members DATE: July 23. 1986 AS
of the City Commission
fu.lECT: Proposed Millage Gate
for Debt Service
R[FERENC[f.
Cesar O d i o
City Manager ENClOiU1.Ci:
Based on revised financial information from the Finance Department I
am reducing the proposed Debt Service Millage rate for FY'87 from
2.5060 to 2.4512.
Attached also find a corrected resolution indicating same.
`(Y\ CIc % on