CITY COUNCIL AGENDA ITEM
Memo Date: July 16, 2024
Agenda Date: July 23, 2024
Prepared By: Lora Howell, Deputy Finance Director
Through: Rebecca Bowman, MBA, CGFO, CGFM, Finance Director
Stockton Whitten, MBA, City Manager
Requested Action:
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Approve Resolution No. 2024-063, Establishing the Rolled-Back Rate, approve a Proposed Millage Rate for the Purposes of Notification to the Taxpayers by the Brevard County Property Appraiser and set the date, time, and place for the first Public Hearing to consider the FY2025 Budget. It is also recommended for the City Manager to be instructed to complete the Florida Department of Revenue’s Certifications of Taxable Value, Forms DR-420.....End
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BACKGROUND:
Florida Statues 200.065 TRIM (Truth-In Millage) Compliance Regulations provides that within 35 days of certification of property values, municipalities must notify the property appraiser of the prior year millage rate, the current year proposed millage rate, the current year rolled-back rate and the date, time and place of the tentative budget hearing, which is no later than August 4, 2024. The Property Appraiser will be advised of the millage rates set at this public meeting through completion of the Florida Department of Revenue’s Certification of Taxable Value, Forms DR-420. In addition, the Property Appraiser will also certify the Tax Increment Adjustment Worksheet (DR-420TIF Forms) for each Community Redevelopment Agency (CRA) in the City. The proposed millage rate approved at this meeting will be delivered to the Property Appraiser for inclusion in the TRIM “Notice of Proposed Property Taxes” mailed out to property owners by August 24. This notice provides the taxpayers with an official notice regarding the public hearing on the tentative FY 2024-2025 budget and the tentative millage rate for the City of Cocoa. The notice also provides taxpayers with the current assessed value of their property and the potential taxes to be paid by each property owner as a result of the proposed millage rate. The tentative public hearing on the FY2024-2025 budget will be held on September 3, 2024 at 6PM.
The City of Cocoa’s millage rate for FY 2024 is 6.9532. The FY 2025 Budget has been prepared utilizing a proposed 6.9532 Millage Rate.
Once the proposed millage rate is approved at this meeting, the millage rate may be reduced or increased at the subsequent TRIM public hearings. If the millage rate is increased, a second notice would be required to be sent to all property owners, at the expense of the City as the taxing authority, meaning that all of the TRIM meetings would need to be re-held and new “Notice of Proposed Property Taxes” mailed out to property owners.
After today’s public meeting and the approval of the City’s proposed millage rate, the following steps remain in the FY2024-2025 millage and budget adoption process:
1. No later than August 4, 2024, the Finance Department will provide executed copies of the Certification of Taxable Value to the Property Appraiser.
2. On or before August 24, 2024, the Property Appraiser will mail the “2024 Notice of Proposed Property Taxes” to all Brevard County property owners.
3. On September 03, 2024, at 6:00 pm, the City Council will conduct a public hearing on the tentative millage rate and tentative budget. Formal adoption of the tentative millage and adoption of the tentative budget will take place at this public hearing. The hearing will be held in the City Council chambers at 65 Stone St. Cocoa, 32922.
4. On September 17, 2024, at 6:00 pm, the City Council will conduct a public hearing which will be advertised in the newspaper notifying the public of the intent to adopt a final millage rate and final budget at the City Council meeting in Council chambers at 65 Stone St. Cocoa, 32922.
Formal adoption of the final millage rate and final budget by separate resolutions will take place at this final public hearing on September 17, 2024.
STRATEGIC PLAN CONNECTION:
Fiscal Sustainability - Through our strategic planning process, the City committed to developing a financially sustainable revenue base and control expenses to support and deliver high quality municipal services
BUDGETARY IMPACT:
As presented above, the City is required to budget a minimum of 95%. The millage rate of 6.9532 equals $12,664,753, at 95% is $12,031,515 and results in an increase of 13% in budgeted ad valorem revenue over the Fiscal-Year 2024 Budget. Payment to the two (2) CRA’s out of the ad valorem revenue (budgeted at 95%) collected by the City is:
Cocoa CRA $1,301,579
Diamond Square CRA $372,242
Total dedicated to the two (2) CRA’s = $1,673,821.
PREVIOUS ACTION:
RECOMMENDED MOTION:
Recommendation
Approve Resolution No. 2024-063, Establishing the Rolled-Back Rate, approve a Proposed Millage Rate for the Purposes of Notification to the Taxpayers by the Brevard County Property Appraiser and set the date, time, and place for the first Public Hearing to consider the FY2025 Budget. It is also recommended for the City Manager to be instructed to complete the Florida Department of Revenue’s Certifications of Taxable Value, Forms DR-420.....