Exh 9AGENDA ITEM #9
OCTOBER 14, 2002
October 8, 2002
MEMORANDUM
TO: The Honorable Mayor
and Members of the City Commission
FROM: 'm Hans
City Manager
SUBJECT: ~ City Mana er's Report
Certificate of Final Taxable Value; During the budget process; the City adopted a millage rate
of 3.1721 based on a valuation of $827,067,552. The Property Appraiser has adjusted the
valuation for the City upward to $830,028,880 representing an increase of .36% as reflected on
the Form DR-422.
In yeazs when this final adjustment is greater or less than 1.00%, the City has the choice to
accept the adjusted value with our adopted millage rate that will increase our tax levy or to adjust
the millage rate by an increment, which will generate the same taxes as originally, approved.
This adjustment is considered an administrative adjustment and requires only the signature of the
City Manager.
In yeazs such as this one, when that final adjustment is less than 1%, there is no.adjustment
option and the millage rate will remain at what originally approved. The additional revenues
generated by the adjusted valuation will be approximately $8,923 for the General Fund.
This yeaz there will be no adjustment to the millage rate and the form DR-422 has been
forwarded to the Property Appraiser and Tax Collector indicating no adjustment.