HomeMy WebLinkAbout1980 09 03 Letter Re: 1980 Certificate of Taxable Value
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INCORPORATEO 1940
OFFICE: OF MAYOR
CASSELBERRY, FLORIOA 32707
September 3, 1980
To: City Council
From: Mayor Owen Sheppard
Subj: 1980 Certificate of Taxable Value
Subject certificate has been provided us by the Property Appraiser for
this coming year. Note item (12) which establishes the adjusted taxable
value: $209,236,200. This, when multiplied by our tax rate, gives us
our advalorem tax revenue; conversely, when our prior year advalorem pro-
ceeds (item 19) are divided by item (12) it gives us our rolled back rate.
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When first recommended to you the advalorem was anticipated to be
$418,030 based on a 2-mil rate - the budget presented was balanced on
that figure. Due to skepticism and some trimming, the budget was adjusted
downward to reflect advalorem revenues of $366,850, based on a 1.95 rate,
and this p~ovided us a balanced budget with $132,717 in the Reserve
(representing 4.9%).
With this Certification of Taxable Value, we see that a millage rate of
1.95 will produce $408,011, a mere $41,161 over what we had 'anticipated.
Assuming we stand with what we have accomplished on the budget to date,
this $41,161 could be applied to our Reserve making it $173,878 which will
represent 6.4% of the total budget. This, then, becomes remarkably in-line
with our previous year when the Reserve was 6.3%.
In my mind, everything has worked out very well - we have tentatively
established an extremely reasonable tax rate of 1.95 (retaining the same
as last year), balanced the recommended budget and have provided a Reserve
Fund that is within the previously established parameters (approximately
6+%).
All the foregoing, however, is still tentative in that the computations
are based on the old $5,000 exemption rule (but based on 100% assessment
vs. 60-65% assessment). Further adjustments will be required following the
results of the referendum vote if the voters pass the $15/20/25,000 exemption
proposal - this will be accomplished in October. Prior to the above finaliza-
tion, Council must, this week, determine the amount of revenue to be recorded
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City Council
September 3~ 1980
Page Two
in the budget'- and the millage therefore. This information must be provided
to the Property Assessor no later than Monday, September 8, 1980. I believe
that we should stand with the 1.95 millage and increase the revenue to
$408,011. Anything less would jeopardize our fiscal preparedness to face
the inflationary pressures that burden us now and will continue to do so
in the coming year. Consider further that at 1.95 millage rate we are holding
to the same tax rate as last year and continue to be the lowest of any
taxing authority in the region. In order to continue to provide the necessary
services our citizens expect of ~s (albeit minimal), and to retain fiscal
responsibility, it is strongly recommended that you approve of both the
millage rate of 1.95 and the revenue dollar amount of $408,000. In October,
when the Property Appraiser can lock-in on firm figures we can adjust to
suit our requirements prior to the Public Hearing.
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Mayor
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CF 578
Attachment
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