Title
A Resolution Of The City Commission Of The City Of Hollywood, Florida, Tentatively Fixing The Amount And Rate Of Taxation For The Fiscal Year Commencing October 1, 2023, And Making The Tax Levy For The Year 2023.
Strategic Plan Focus
Financial Management & Administration
Body
Staff Recommends: Approval of the attached Resolution.
Explanation:
The City Commission, in accordance with Florida State Statutes ?200.065, is required at this time to tentatively fix the ad valorem millage rate pursuant to and in accordance with said law.
According to the Broward County Property Appraiser's Office, the gross taxable value for the City for tax year 2023 (FY 2024) is $23,286,087,150, which is a net increase of $2,341,155,491 or 11.18% over last year's final gross taxable value amount of $20,944,931,659.
The accompanying resolution tentatively sets the Fiscal Year 2024 Operating millage rate at 7.4665 mills, which remains the same as compared to the FY 2023 operating millage rate. The resolution also sets the voted debt service millage for FY 2024 at 0.6181 mills. The total proposed millage rate is 8.0846 mills, which is a net decrease of 0.0702 mills compared to the combined rate in FY 2023.
This Budget hearing, which is the first of two, allows the Commission and staff to further evaluate and set forth recommendations for the Fiscal Year 2024 operating budget, for adoption at the second public budget hearing to be held on Wednesday, September 20, 2023.
Fiscal Impact:
The tentative Operating Budget millage rate of 7.4665 mills is calculated pursuant to Florida State Statute ?200.065 and is 10.74% or 0.7240 mills above the roll-back rate of 6.7425 mills. Approval of this rate requires a majority vote by the City Commission in order to meet State statutory requirements. A millage rate of 7.4665 would generate net property taxes of $167.0 million, which is $17.9 million more in property taxes than FY 2023.
Recommended for inclusion on the agenda by:
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