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Home My WebLink About2006 07 24 Regular 303 Resolution 2006-37 Millage Rate COMMISSION AGENDA ITEM 303 REGULAR X July 24, 2006 Meeting MGR DEPT Authorization REQUEST: The City Manager is requesting that the City Commission approve Resolution No. 2006-37, computing the Proposed Millage Rate (Cap) for Fiscal Year 2006-2007 at 4.7500 mills or some other rate the Commission deems more appropriate, establishing the rolled-back rate, and setting the date, time and place of a public hearing to consider the proposed millage rate and tentative budget for Fiscal Year 2006-2007. PURPOSE: To gain Commission agreement regarding the information to be communicated to the Property Appraiser on the Form DR-420 which sets the proposed operating millage rate and voted debt service millage rate; establishes the rolled-back rate; and sets the date, time and place for the public hearing to consider the proposed millage rate and tentative budget. CONSIDERATIONS: The FY 2005-2006 (current) operating millage is 4.6126 mills and voted debt service is 0.1374 mills. The FY 2006-2007 preliminary budget as recommended by the City Manager included ann operating millage of 4.1672 and voted debt service millage of 0.1100 for a total recommended millage rate of 4.2772 mills. Gross taxable value from the Property Appraiser as reflected on the DR 420 is $2,007,175,558. . Please remember that this resolution will establish the millage rate cap. The final millage rate can be lowered from the adopted millage rate cap; however. if it is raised, the orooertv owners must be re-noticed at the Citv's exoense. . Please note that this millage rate will be applied to the property owners' assessed values and mailed by the Property Appraiser to each property owner in the form of the TRIM notice (see AUachment D). It is communicated to the property owner as "the most orobable number for your property taxes" via the TRIM notice insert (see AUachment E pg 2). . Note that the 4.1672 operating millage rate in the preliminary budget does not cover the potential budget changes that the City Commission is considering (Attachment B) nor 072406_ COMM _Regular _303 ]roposed _Millage_Cap those requested by the Departments (see Attachment C). The Commission may want to factor in other budget items not currently included in order to encompass all considerations under the Proposed Millage Rate Cap. . Attachment A is the General Fund Fiscal Policy Test which has been revised to include adjustments to revenues and expenditures occurring subsequent to the printing of the Preliminary Budget. Among the General Fund revisions: ad valorem revenue increase (DR420), half-cent/revenue sharing decrease, franchise fee revenue increase, CRA increment increase, health insurance premium decrease, and general insurance increase. Attachment A denotes the following given a Preliminary Operating Millage rate of 4.1672 mills: . Recurring revenues are sufficient to cover recurring costs . $94,311 will be required from fund balance to balance the budget . The following chart compares a range of potential millage choices for the DR-420: Differential from Preliminary Operating Millage Rate 0 4.1672 mills Decrease: .2477 mills Rolled-Back Rate Prelimina Bud et Increases: Tenth ofa mill Two-tenths of a mill Three-tenths of a mill Four-tenths of a mill .4454 mills Currentl ) Potential Operating Millage Rate Actual Tax Increase as %age of Rolled- Back Rate Additional Revenue Generated over Preliminary Millage (4.1672) (budget recommendation) 3.9195 4.1672 N/A 6.32% 4.2672 4.3672 4.4672 4.5672 4.6126 8.87% 11.42% 13.98% 16.53% 17.68% $192,689 $385,378 $578,067 $770,755 $858,236 .8328 mills 5.0000 27.57% $1,604,713 . The Resolution establishes the rolled-back rate at 3.9195 as calculated on the form DR- 420. The Resolution sets the date, time and place of the public hearing to consider the proposed millage rate and the tentative budget - September 11,2006 at 6:30 pm at 1126 East State Road 434, Winter Springs, Florida (Commission Chambers) RECOMMENDATION: It is recommended that the Commission take the following action: 1) Adopt Resolution 2006-37 setting the proposed operating millage rate at 4.6400 mills and establishing the rolled-back rate at 3.9195 mills, and setting the proposed voted debt service 072406_ COMM _Regular _303 ]roposed _Millage_Cap millage rate at 0.1100 mills for a total proposed millage rate of 4.7500 mills, or another rate the Commission deems appropriate. 2) Establish the date, time and place for a public hearing regarding the proposed millage rate and the tentative budget on September 11,2006 at 6:30 pm at Winter Springs City Hall. ATTACHMENTS: · Resolution 2006-37 · A - General Fund Fiscal Policy Test (FY 2007 - updated since Preliminary) · B - Commission Planning List · C - Departmental Request List (not Manager Recommended) · D - Sample TRIM Notice · E - TRIM Notice Insert (two pages) COMMISSION ACTION: 072406_ COMM _Regular _303 ]roposed _Millage_Cap RESOLUTION NO. 2006-37 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF WINTER SPRINGS, FLORIDA, ESTABLISHING THE ROLLED-BACK RATE; COMPUTING A PROPOSED MILLAGE RATE (CAP); AND SETTING THE DATE, TIME AND PLACE OF A PUBLIC HEARING TO CONSIDER THE PROPOSED MILLAGE RATE AND TENTATIVE BUDGET FOR FISCAL YEAR 2006-2007; PROVIDING FOR REPEAL OF PRIOR INCONSISTENT RESOLUTIONS; SEVERABILITY; AND AN EFFECTIVE DATE. WHEREAS, Florida Statute 200.065 (2) (a) 1. expressly provides that municipalities shall compute a proposed millage rate; and WHEREAS, Florida Statute 200.065 (4) (b) requires that within 35 days of certification of value, each taxing authority shall advise the property appraiser of its proposed millage rate, of its rolled-back rate, and of the date, time, and place at which a public hearing will be held to consider the proposed millage rate and the tentative budget; and WHEREAS, Florida Statute 200.065 (4) (c) further requires that within 80 days of certification of value, but not earlier than 65 days after certification, the governing body of each taxing authority shall hold a public hearing on the tentative budget and proposed millage rate. WHEREAS, the City Commission of the City of Winter Springs deems that this Resolution is in the best interests of the public health, safety, and welfare of the citizens of Winter Springs. NOW, THEREFORE, BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF WINTER SPRINGS, SEMINOLE COUNTY, FLORIDA, AS FOLLOWS: Section 1. Incorporation of Recitals. The foregoing recitals are deemed true and correct and are hereby fully incorporated by this reference. Section 2. Proposed Milla2e Rate. The proposed operating millage rate for the City of Winter Springs, Florida for the Fiscal Year 2006-2007 is set at 4.6400 mills and the computed aggregate rolled-back rate is 3.9195 mills. In addition, the proposed millage rate for the City of Winter Springs for voted debt service is 0.1100 mills. Section 3. Public Hearin2. A public hearing shall be held in the City Commission Chambers located at City Hall, 1126 East State Road 434, Winter Springs, Florida, on September 11, 2006 at 6:30 P.M. to consider the adoption of the proposed millage rate and the tentative budget for Fiscal Year 2006-2007. City of Winter Springs. Florida Resolution 2006-37 Page I of2 Section 5. Repeal of Prior Inconsistent Resolutions. All prior resolutions or parts of resolutions in conflict herewith are hereby repealed to the extent ofthe conflict. Section 6. Severability. If any section, subsection, sentence, clause, phrase, word, or portion of this Resolution is for any reason held invalid or unconstitutional by any court of competent jurisdiction, such portion shall be deemed a separate, distinct and independent provision and such holding shall not affect the validity of the remaining portion hereto. Section 7. Effective Date. This Resolution shall become effective immediately upon adoption by the City Commission of the City of Winter Springs, Florida. RESOLVED by the City Commission of the City of Winter Springs, Florida, in a regular meeting assembled on the 24th day of July, 2006. John F. Bush, Mayor ATTEST: Andrea Lorenzo-Luaces, City Clerk Approved as to legal form and sufficiency for the City of Winter Springs only: Anthony A. Garganese, City Attorney City of Winter Springs, Florida Resolution 2006-37 Page 2 of 2 CITY OF WINTER SPRINGS FISCAL YEAR 2006-2007 GENERAL FUND FISCAL POLICY TEST Attachment A TENTATIVE BUDGET OPERATING COVERAGE RECURRING REVENUE $20,259,810 RECURRING PERSONNEL AND OPERATING EXPENDITURES $20,567,686 ($506,921 ) ($69,219) ($30,000) $19,961,546 ($19,961,546) TOTAL EXPENDITURES LESS: Capital Expenditures Nonrecurring Operating: IS - Records Management CD - EAR EFFECT ON FUND BALANCE - OPERATING COVERAGE $298,264 CAPITAL COVERAGE NON-RECURRING REVENUE $213,565 LESS: Capital Expenditures Nonrecurring Operating: IS Records Management CD - EAR EFFECT ON FUND BALANCE - CAPITAL COVERAGE ($506,921 ) ($69,219) ($30,000) ($392,575) TOTAL EFFECT ON FUND BALANCE ($94,311 ) FUND BALANCE PROJECTED BEGINNING FUND BALANCE $6,041,802 ($94,311 ) $5,947,491 FY 07 BUDGETED EFFECT ON FUND BALANCE PROJECTED ENDING FUND BALANCE Minimum fund balance target (25% of personnel and operating expenditures) : $4,990,387 Projected fund balance as a percentage of recurrina personnel and operating expenditures: 29.79% 072406_ COMM_Regular _ 303 _Proposed_Millage_Cap Commission Planning List - Fiscal Year 2007 Attachment B 072406 Departmental Request - Fiscal Year 2007 (not Manager Recommended) ATTACHMENT D 2005 NOTICE OF PROPOSED PROPERTY TAXES SEMINOLE COUNTY T AXt,NG AUTHORITIES ./ REAL ESTATE ATTACHMENT E TRIM NOTICE INSERT PROPERTY APPRAISER SEMINOLE COUNTY, FLORIDA TAX FAQS ATTACHMENT E PAGE 2 TRIM NOTICE INSERT Seminole County Proposed Tax Notice SAMPLE Value Adjustment Board Hearings April 1 : 4angible Personal Property Return. Deadline NQvember 1: · Tax Collector Mails Final Bill