At last night’s City Council Meeting, the City Manager requested the City Council consider setting the proposed tentative Operating Millage rate at $7.2145 mils, which is 13.48% above the rolled back millage rate of $6.3573, and setting the proposed tentative Voted Debt Service Millage at $0.2542 mils at the City Council Meeting on July 26, 2022 for the Fiscal Year 2023 Budget.
The City Manager’s Proposed General Fund Budget for Fiscal Year 2023 is balanced with a millage rate of $7.2145. In accordance with Florida State Statute 200.065, the final adopted millage rate may be lower than, but may not exceed, the proposed tentative millage.
City Manager says the City’s operating costs is up 32% due to the rising costs of inflation.
The proposed tentative Operating Millage rate of $7.2145 is presented in the Proposed Budget for Fiscal
Year 2023. Setting the proposed tentative millage rate at $7.2145 requires a majority vote of the City Council at its July 26, 2022 meeting.
If the millage rate of $7.2145 is accepted by the City Council at the final public hearing, scheduled to be held on September 22, 2022, a majority vote again is required by the City Council to set the final millage rate to be adopted for the new fiscal year beginning October 1, 2022.
The City said the proposed tentative Voted Debt Service Millage of $0.2542 mils is required to fund the annual required debt service on the General Obligation Bonds, Series 2005 issued under the Riverfront Acquisition Program.