CITY COUNCIL AGENDA ITEM
Memo Date: September 11, 2020
Agenda Date: September 23, 2020
Prepared By: Lora Howell, Deputy Finance Director
Through: Rebecca Bowman, MBA, CGFO, CGFM, Finance Director
Requested Action:
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Approve Resolution 2020-206 adopting the Final Millage Rate of 5.9790 mills for the City of Cocoa Fiscal Year 2021 commencing on October 1, 2020 and ending on September 30, 2021, which represents an increase of 2.60% over the rolled-back rate of 5.8274.
Approve Resolution 2020-207 adopting the Final Budget and CIP for the City of Cocoa for the Fiscal Year 2021 commencing on October 1, 2020 and ending on September 30, 2021End
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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 9, 2020, at which time a tentative millage rate was set (Resolution 2020-201). 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 2021. On September 23rd, 2020 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 5.9790 voted by City Council on September 9, 2020, represents an increase of 2.60% over the rolled-back rate of 5.8274.
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 2021, which commences on October 1, 2020 and ends September 30, 2021. On September 9, 2020, a tentative Budget (Resolution 2020-202) was adopted.
Proposed expenditures in the tentative budget including all funds, total $155,317,139. The budgeted amounts for the three major funds are as follows: th...
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