CITY COUNCIL AGENDA ITEM
Memo Date: August 22, 2024
Agenda Date: September 3, 2024
Prepared By: Lora Howell, Deputy Finance Director
Through: Rebecca Bowman, MBA, CGFO, CGFM, Finance Director and Stockton Whitten, City Manager
Requested Action:
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Conduct a Public Hearing on the Tentative Millage Rate and Tentative FY25 Budget and:
Adopt Resolution No. 2024-083 adopting a tentative millage rate of 6.9532 mills, for the City of Cocoa, commencing on October 1, 2024 and ending on September 30, 2025.
Adopt Resolution No. 2024-084 adopting the FY2025 tentative budget and CIP for the City of Cocoa Fiscal Year, commencing on October 1, 2024 and ending on September 30, 2025...
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BACKGROUND:
On July 23, 2024, the City Council approved Resolution 2024-063 establishing the rolled-back millage rate of 6.3761 and a proposed millage rate of 6.9532 mills, which represents an increase of 9.05% over the rolled-back rate and is characterized as the percentage increase in property taxes tentatively adopted by the City Council pursuant with section 200.065(2)(c), Florida Statutes.
The proposed millage rate for Fiscal Year 2025 is 6.9532. The City Council set the date, time and place of the Public Hearing to consider the Final Millage Rate and the FY 2025 Final Budget as September 17, 2024, at 65 Stone Street, Cocoa, Fl. 32922 at 6:00 P.M., at the July 23, 2024 City Council meeting.
Pursuant with section 200.065, Florida Statutes, the City Council must conduct a public hearing on the proposed millage rate and tentative budget within 65-80 days of certification of taxable value to the property appraiser. A second hearing is required 97-100 days after certification to adopt the final millage rate and budget. During each of these hearings, the law requires that "the first substantive issue discussed shall be the percentage increase in millage over the rolled-back rate necessary to fund the budget, if any, and the specific purposes for which ad valorem tax...
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