Loading...
Staff Report Setting Prelim MillageCITY OF ATLANTIC BEACH CITY COMMISSION MEETING STAFF REPORT AGENDA ITEM: Setting Preliminary Millage Rate for Fiscal Year 2021 Budget SUBMITTED BY: Melissa Burns, Director of Finance TODAY’S DATE: July 15, 2020 MEETING DATE: July 27, 2020 BACKGROUND: Every year, part of the budget process is to set the millage rate that property owners within the City of Atlantic Beach will pay in property taxes. Once the millage set, it is sent to the Property Appraiser as part of the Truth In Millage (TRIM) process; this rate cannot be increased from this point on but can be lowered. A budget calendar has been created in an effort to illustrate both the budget and the TRIM process. The current millage rate is 3.2285 or $3.2285 for every $1,000 in property taxable value. This has remained the same for a number of years. The Fiscal Year 2021 is being developed utilizing this same millage rate in large part due to the budget policies adopted by Resolution 04-10 which states that the millage rate shall remain the same. The final millage rate will be adopted by Resolution during the final budget hearing in late September. As noted above, once the preliminary millage rate is set and sent to the Property Appraiser, it can be lowered but cannot go higher. Although at this point in time, it is not recommended that the millage rate be lowered due to the uncertainty of the City’s other revenue sources. BUDGET: None RECOMMENDATION: Commission set the preliminary millage rate at the current rate of 3.2285 ATTACHMENT(S): Budget Calendar REVIEWED BY CITY MANAGER: _____________________________________________