Summary:
Council is being asked to take the following actions through the adoption of Resolution 21-R-21:
Adopt a Truth-In-Millage (TRIM) Rate
Council is required to adopt a TRIM rate, which is the rate disseminated to the public to advise them of the potential tax levy for the upcoming year. The final millage rate adopted in September by Council can be lower than the TRIM rate, but not higher (unless an extensive public notice process is followed).
City Council was provided copies of the Recommended Budget for FY 2022 during the first budget workshop held April 28, 2021; a second budget workshop is scheduled for July 29, 2021 where additional adjustments can be made. To set the tentative TRIM rate, the City Manager will be providing three options to assist in balancing the budget. This budget year is particularly challenging due to several reasons, primarily the impact of the recent change in the Florida Constitution related to minimum wage (Amendment 2) and the necessary financial correction in the CRA. The recommended budget anticipates ad valorem revenues in the amount of $3,209,679, based on a 6.2 millage rate which is an increase of the current millage rate of 4.8 mills but necessary to address the issues stated above. The City Manager will be presenting alternatives to address these issues but come at a higher millage rate than 6.2 which will be presented for Council consideration. All options are 10% above the adjusted roll-back rate and will require a unanimous vote of the Council.
Set Two Dates in September for the Required Public Hearings.
The City is required to conduct two public hearings prior to final adoption of the budget. State law establishes certain requirements that must be met on setting those dates (i.e. the dates set by the City cannot conflict with the public hearing dates set by the County or the School Board). It is recommended that the preliminary budget hearings be set for September 8, 2021 at 5:01 and the final budget hearing be set for September 15, 2021 at 5:01.