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City Hall
3500 Pan American
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Miami, FL 33133
www.miamigov.com
File Number: 08-01008a Final Action Date: 9/25/2008
FINAL PUBLIC HEARING TO DISCUSS THE MILLAGE RATE AND FINAL BUDGET
FOR THE DOWNTOWN DEVELOPMENT AUTHORITY
THE PROPOSED MILLAGE RATE OF .5 FOR THE MIAMI DOWNTOWN
DEVELOPMENT AUTHORITY FOR THE FISCAL YEAR BEGINNING OCTOBER 1,
2008 AND ENDING SEPTEMBER 30, 2009 IS 4.04 PERCENT HIGHER THAN THE
ROLLED BACK RATE OF .4806. THE MIAMI DOWNTOWN DEVELOPMENT
AUTHORITY MILLAGE HAS BEEN SET AT .5 SINCE THE INCEPTION OF THE
AGENCY IN 1965.
THE SPECIFIC PURPOSE FOR WHICH AD VALOREM TAX REVENUES ARE
BEING INCREASED IS FOR THE CONTINUED OPERATIONS OF THE MIAMI
DOWNTOWN DEVELOPMENT AUTHORITY INCLUDING CAPITAL
IMPROVEMENTS, ENHANCED SERVICES, MARKETING AND ECONOMIC
DEVELOPMENT PROGRAMS.
THE DDA BUDGET FOR THE FISCAL YEAR 2007-2008 WAS BASED ON
REVENUES OF $4,849,209.54. THE PROPOSED DDA BUDGET FOR 08-09 IS
BASED ON ESTIMATED REVENUES OF $5,037,662.74. THIS REPRESENTS AN
INCREASE IN REVENUES OF $188,453.20. (3.9%)
CITY COMMISSION LISTENS AND RESPONDS TO CITIZENS' COMMENTS
REGARDING THE PROPOSED MILLAGE INCREASE AND EXPLAINS THE
REASONS FOR THE INCREASE OVER THE ROLLED BACK RATE.
ACTIONS BY THE CITY COMMISSION:
1. AMEND THE ADOPTED TENTATIVE BUDGET, IF NECESSARY
2. RECOMPUTE THE FINAL MILLAGE RATE, IF NECESSARY
3. PUBLICLY ANNOUNCE THE PERCENT BY WHICH THE RECOMPUTED
PROPOSED MILLAGE RATE EXCEEDS THE ROLLED BACK RATE.
4. ADOPT THE FINAL MILLAGE RATE
5. ADOPT THE FINAL BUDGET OR THE AMENDED FINAL BUDGET AS
NECESSARY
City of Miami
Page 1 of 1 File Id: 08-01008a (Version: 1) Printed On: 5/15/2017