CITY COUNCIL AGENDA ITEM
Memo Date: August 22, 2023
Agenda Date: September 12, 2023
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 FY24 Budget and:
Adopt Resolution No. 2023-093 adopting a tentative millage rate of 6.9532 mills, for the City of Cocoa, commencing on October 1, 2023 and ending on September 30, 2024.
Adopt Resolution No. 2023-094 adopting the FY2024 tentative budget and CIP for the City of Cocoa Fiscal Year, commencing on October 1, 2023 and ending on September 30, 2024...
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BACKGROUND:
On July 25, 2023, the City Council approved Resolution 2023-078 establishing the rolled-back millage rate of 5.8285 and a proposed millage rate of 6.9532 mills, which represents an increase of 19.3% 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 of 6.9532 mills for Fiscal Year (FY) 2024 is an increase of 7.7% over the adopted FY 2023 millage rate of 6.4532 mills. The City Council set the date, time and place of the Public Hearing to consider the Final Millage Rate and the FY 2024 Final Budget as September 26, 2023, at 65 Stone Street, Cocoa, Fl. 32922 at 6:00p.m at the July 25, 2023 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 necessa...
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