City Council Meeting
City of DeBary
Subject: Resolution 15-09 Adoption of Tentative Ad Valorem Millage Rate for FY 2015-2016
From: City Manager
Meeting/Hearing Date: July 29, 2015
( ) Ordinance
(X ) Resolution
( ) Other
( ) Supporting Documents/Contracts
The attached Resolution proposes to adopt a tentative ad valorem millage rate of 2.9247 for fiscal year 2015/2016. The tentative ad valorem millage rate to be levied upon all taxable property located within the City of DeBary is 2.9247, which is 1.25% higher than the computed rolled-back rate of 2.8888; therefore, there is an increase as determined by the Volusia County Property Appraiser according to the Truth In Millage (TRIM) Bill mandated by the Florida Legislature. The Rolled-Back Rate is the rate that will generate revenues for the next fiscal year that is equal to the revenues received for the current fiscal year, less revenues from new construction.
As required by the TRIM Bill, the Tentative Millage rate must be announced at the public hearing. The tentative ad valorem millage rate is estimated to generate $4,271,023 for the next fiscal year.
The TRIM Bill requires that the date, time, and place for the final public hearing on the Final Annual Operating Budget for FY 2015/2016 also be announced. The date is September 16, 2015, at 7:00 PM in the Council Chambers at City Hall.
Adopt Resolution 15-09 establishing a tentative ad valorem millage rate of 2.9247 for fiscal year 2105-2016.
City Council Action:
( ) Approved As Recommended
( ) Approved With Modification
( ) Disapproved
( ) Continued Date:
( ) Other