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PUBLIC HEARING ITEM
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 I, 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- S5,037,662.74. _THI ...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
Reviewed and approved
Alyce ► . Robertson
Inte Executive Director