Fort Walton Beach Council agenda — 06-22-2010 Special-Budget Policy — reading text

not be legally sufficient. I' ve attached the relevant statutory provisions. Thank you. Toni L. Craig Attorney Fla Bar No 115444 Board Certifled, City, Cou*, Local Government Law PO Box 2917 105 Lewis Street Suite 102 Fort Walton Beach FL 32549 850) 243 -6969 Fax: ( 850) 244 -8929 www.tonicraig. info Marital & Family Law Local Govemment Law CONFIDENTIALITY NOTICE: This email is intended only for the use of the addressee. If you received this email in error, please notify me immediately, delete the email from your computer and do not copy or disclose it to anyone else. # you are not an existing client of Toni L. Craig, Attorney at Law, do not construe anything in this email as legal advice or to make you a client. Do not disclose anything to me in any reply that you expect to be kept confidential. fffyou area client, you should keep the contents of this email confidential to preserve the attorney -client or work product privilege. 6/ 18/ 2010  CITY COUNCIL SPECIAL MEETING June 22, 2010 Special Meeting Agenda Discussion Proposed Millage Rate Synopsis: The proposed millage rate for the nextfiscal year will be discussed Agenda Item Number: 3. 1  CITY OF FORT WALTON BEACH Memorandum DATE: June 16, 2010 TO: Bob Mearns, City Manager FROM: Brandy Wunker, Finance Director Charlotte Dunworth, Budget & Grants Manager SUBJECT: Proposed Millage Rate 1. BACKGROUND 1. 1 Staff held a Budget Policy Meeting with City Council on June 1 to discuss issues critical to developing the FY 2010 -11 budget. 1. 2 There was some City Council discussion regarding the millage rate. 2. DISCUSSION 2. 1 Staff received the preliminary 2010 taxable value from the Property Appraiser on May 28. At the current millage rate of 4. 1986, staff anticipates a 5. 5% or $ 246K decrease in ad valorem revenue in the General Fund and a 10. 5% or $ 100K decrease in the CRA Fund. 2. 2 The rolled -back rate is the millage rate that would generate the same ad valorem tax revenue as the prior year, exclusive of new construction, deletions, boundary changes, and CRA dedicated increment. 2. 2. 1 Staff estimates a millage rate of 4.4543 would generate the same amount of ad valorem taxes in the General Fund as the prior year based on the preliminary taxable value. This rate may change when the Certification of Taxable Value ( DR -420) is received from the Property Appraiser on or before July 1. 2. 2. 2 A millage rate of 4. 4543 would offset the anticipated $ 246K decrease in ad valorem revenues in the General Fund. 2. 2. 3 Each 0. 1 mill generates $ 96K in revenue to the General Fund. 2. 3 Of the City' s 9, 483 properties on the 2009 tax roll, 7% are tax -exempt and 64% have a taxable value of $l OOK or less. 2. 3. 1 The rolled -back rate of 4. 4543 is estimated to generate the same amount of ad valorem revenue in the General Fund as the prior year. However, the amount of taxes paid by each property owner may not be exactly the same, depending on the extent to which a property' s decrease in assessed value offsets the millage rate increase. 2. 3. 2 A property whose taxable value has decreased 5. 74% would pay the same amount of taxes as the prior year at the rolled -back rate. 2. 3. 3 For properties with no change in taxable value, the rolled -back rate would result in an increase of no more than $ 6. 39 /annually per taxable assessed value of $25K. 2. 3. 4 Each 0. 1 mill equates to a $ 2. 50 annual tax bill per taxable assessed value of $25K. 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