CITY COUNCIL AGENDA ITEM
Memo Date: September 5, 2024
Agenda Date: September 17, 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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Approve Resolution 2024-088 adopting the Final Millage Rate of 6.9532 mills for the City of Cocoa Fiscal Year 2025 commencing on October 1, 2024 and ending on September 30, 2025, which represents an increase of 9.05% over the rolled-back rate of 6.3671.
Approve Resolution 2024-089 adopting the Final Budget and CIP for the City of Cocoa for the Fiscal Year 2025 commencing on October 1, 2024 and ending on September 30, 2025.
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BACKGROUND:
Resolution Adopting the Final Millage Rate
In accordance with Florida Statute 200.065, the City of Cocoa held a public hearing on September 3, 2024, at which time a tentative millage rate was set (Resolution 2024-083). Pursuant to this state statute, a public hearing must be held to adopt a final millage rate to fund the final budget for Fiscal Year 2025. On September 17th, 2024 the City of Cocoa will hold a final public hearing. At this hearing, the City Cocoa City Council must publicly announce the percent of change by which the recomputed final millage rate exceeds the rolled-back rate computed pursuant to Florida Statutes 200.065(1). The tentative millage rate of 6.9532 voted by City Council on September 03, 2024, represents an increase of 9.05% over the rolled-back rate of 6.3761.
Resolution Adopting the Final Budget
In accordance with Florida Statue 200.065, upon holding a public hearing tentatively adopting a proposed millage rate, the City Council must adopt a tentative budget for Fiscal Year 2025, which commences on October 1, 2024 and ends September 30, 2025. On September 03, 2024, a tentative Budget (Resolution 2023-084) was adopted.
A second hearing must be held after adopting the tentative budget to adopt the final budget for the fiscal year. P...
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