CITY COUNCIL AGENDA ITEM
Memo Date: August 24, 2020
Agenda Date: September 9, 2020
Prepared By: Lora Howell, Deputy Finance Director
Through: Rebecca Bowman, MBA, CGFO, CFGM, Finance Director
Requested Action:
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Conduct a Public Hearing on the tentative millage rate and tentative budget and:
Adopt Resolution No. 2020-201 adopting a tentative millage rate of 5.9790 mills, for the City of Cocoa, commencing on October 1, 2020 and ending on September 30, 2021.
Adopt Resolution No. 2020-202 adopting the FY2021 tentative budget and CIP for the City of Cocoa Fiscal Year, commencing on October 1, 2020 and ending on September 30, 2021...End
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BACKGROUND:
On July 22, 2020, the City Council approved Resolution 2020-175 establishing the rolled-back millage rate of 5.8274 and a proposed millage rate of 5.9790 mills, which represents an increase of 2.6% 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 5.9790 mills for Fiscal Year (FY) 2021 remains the same as the adopted FY 2020 millage rate. The City of Council also set the date, time and place of the Public Hearing to consider the Final Millage Rate and the FY 2021 Final Budget as September 23, 2020, at 65 Stone Street, Cocoa, Fl. 32922 at 6:00p.m.
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 revenues a...
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