Item No: 5J.
Meeting Date: July 22, 2013
From: Bill Spinelli, CPA Finance Director
Subject: Resolution authorizing the Interim City Manager to execute and submit the Certification of Taxable Value for Fiscal Year 2013-14 to the Lake County Property Appraiser
Staff recommends authorizing the Interim City Manager to execute and submit the Certification of Taxable Value for Fiscal Year 2013-14 to the Lake County Property Appraiser, establishing a tentative millage rate based upon one of the options listed below.
TRIM guidelines require the City Commission to determine the “tentative millage rate” in July of each year. This is a rate representing the maximum millage rate that may be adopted by the Commission at the end of the budget process. The Commission has the ability to adopt a “final millage rate” lower than the tentative rate, but not higher. The final millage rate will be adopted in September, at the conclusion of the budget process. The current rate adopted millage rate is 4.3179 mills.
The City Commission may adopt a tentative rate up to 6.7262 mills by simple majority vote. It may adopt a rate between 6.7263 and 7.3988 (the maximum), by a 2/3 vote (4 of 5 commissioners approving). Options 1, 2, 4, 5, and 6 below are all straight from the TRIM guidelines. Option 3 is shown so you will know what happens if you simply add 1 mill to the current rate.
Adoption of the previous years’ millage rate will result in ad valorem proceeds of $4,551,627, of which the General Fund keeps $4,331,749 due to $219,878 going to the CRA’s. This is a reduction of $14,740, or 0.32% from the previous year’s proceeds of $4,566,367, of which the General Fund kept $4,353,448. Any other rate must be multiplied by the Adjusted Taxable Value and then by .95 to determine the ad valorem proceeds that may be budgeted.
Prepared by: Brandy McDaniel________
Attachments: Yes__X__ No ___
Advertised: ____Not Required ___X__
Attorney Review : Yes___ No ____
Reviewed by: Dept. Head ________
Finance Dept. _BLM,_____________
Deputy C.M. ___________________
City Manager ___________________
Project No. ___________________
WF No. ______________________
A RESOLUTION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING THE INTERIM CITY MANAGER TO EXECUTE AND SUBMIT THE CERTIFICATE OF TAXABLE VALUE FOR FISCAL YEAR 2013-14 TO THE LAKE COUNTY PROPERTY APPRAISER; AND PROVIDING AN EFFECTIVE DATE.
BE IT RESOLVED BY THE CITY COMMISSION OF
THE CITY OF
THAT the Interim City Manager is hereby authorized to execute the “Certificate of Taxable Value for Fiscal Year 2013-14” and submit the same to the Lake County Property Appraiser, whose address is P. O. Box 1027, Tavares, Florida 32778.
THAT this resolution shall become effective immediately.
PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the 22nd day of July 2013.