HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: 14-00569
Date: 7/03/2014
Commission Meeting Date: 7/24/2014
Requesting Department: Management & Budget
District Impacted: Various
Type: Resolution 1 1 Ordinance Emergency Ordinance 1 1 Discussion Item
I 1
Other
Subject: Setting FY 2014-15 Millage Cap
Purpose of Item:
Law Department
Matter Ill No.
To establish treillage rate caps for the fiscal year ending September 30, 2015 (FY 20 4-15) at:
General Operating 7.6465
Debt Service 0.7385
Total Millage Rate 8.3850
And to set the Budget Hearing dates as follows:
First Budget Hearing — September 9, 2014 at 5:05prn
Second Budget Hearing — September 23, 2014 at 5:05pm
Background Information:
See attached.
Budget Impact Analysis
YES Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
(SIGN AND DA]
CIP Bu
If using or receiving capital funds
Grants
Risk Management
Purchasing Dept. Director
Chief
City Managec>4,
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Background Information:
The City of Miami FY 2014-15 Proposed Operating Budget as presented on July 9, 2014 contains the
following recommended millage rates.
• General Operating 7.6465
• Debt Service 0.7385
• Total Millage Rate 8,3850
A four-year history of millage rates shows a steady overall decline:
• General Operating
• Debt Service
• Total Millage Rate
FY 2011-12
7,5710
0.9300
8.5010
FY 2012-13
7.5710
0.9000
8.4710
FY 2013-14
7.6148
0.8162
8.4310
FY 2014-15 proposed
7.6465
0.7385
8.3850
For the City Commission's reference, every tenth of a mill will generate approximately $3.1 million for
the City of Miami General Fund in the next fiscal year.
Florida statute Section 200.065, governs the setting of millage rates, adoption of budget, and the
timeframes required of each. It requires that the City of Miami advise the Property Appraiser of its
proposed millage within. 35 days of the July 1 certification of value so that the information can be
included in the notice of proposed property taxes mailed to property owners in August.
The same statute governs the timeframes for the first and second budget hearings. The first hearing
must be held between 65 and 80 days of the same July 1 certification of value, which is no earlier than
September 4 and no later than September 19. The City must then hold a second budget hearing with
enough time to provide the final budget and millage rates to the property appraiser, tax collector, and
State of Florida Department of Revenue by October 1.
Effectively, the tentative millage adopted in July represents the upper limit for the millage rates to be
considered in September. The Commission may lower the general operating millage rate at either of the
two budget hearings, but effectively cannot raise it above what is adopted in July. State law allows for
this possibility, but it cannot be practically achieved within the timeframes provided in state law.
According to the Property Appraiser's Office, this re -noticing of millage rates has not been
accomplished even once in the history of the State of Florida.
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