Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Setting The Proposed ("Not To Exceed") Millage Rate Pursuant To Section 200.065 (2)(b), Florida Statutes, And Setting The Date, Time And Place At Which A Public Hearing Will Be Held To Consider The Proposed ("Not To Exceed") Millage Rate And Tentative Budget.
Strategic Plan Focus
Financial Management & Administration
Body
Staff Recommends: Approval of the Resolution.
Explanation:
Florida's Truth in Millage (TRIM) statute, F.S. 200.065, requires that the City Commission set a tentative "Not to Exceed" millage rate and inform the Broward County Property Appraiser of said rate and other mandated information for inclusion in the TRIM notice to be sent to property owners. Once this tentative millage rate has been adopted, the City Commission cannot exceed the tentative rate or set a higher actual rate during the budget process.
The accompanying resolution sets a tentative operating and capital millage rate of 7.4810 mills, a voted debt service millage for the Series 2005 bonds of 0.2007 mills and voted debt service millage for the Series 2019 bonds of 0.2149 mills for a total not to exceed rate of 7.8966 mills (which is flat compared to the combined rate in FY 2021).
Additionally, the resolution establishes the date, time and place of the public hearing on the tentative FY 2022 Operating Budget to be: Monday, September 13, 2021 at 5:30 P.M. in the City Commission Chambers, Room 219, Hollywood City Hall.
This report is used to estimate the amount of property tax revenues anticipated in the subsequent fiscal year. Below are a few notable highlights from the July 1st report:
* The assessed property values in the City have increased from $18,278,972,449in FY 2021 to $18,938,419,616 in FY 2022 including new construction.
* This increase in valuation of $659,447,167 or 3.61% includes new construction of $110,379,300which accounts for 17% of the total increase in valuation.
* The FY...
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