CITY OF LAUDERDALE LAKES
Agenda Cover Page Fiscal Impact: No Contract Requirement: No Title RESOLUTION 2021-085 ADOPTING A TENTATIVE MILLAGE RATE FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2021, THROUGH SEPTEMBER 30, 2022; SETTING A DATE AND TIME FOR THE ADOPTION OF THE FINAL MILLAGE RATE Summary This resolution establishes and adopts a tentative operating millage rate to fund Fiscal Year 2021-2022 operations and a second and separate millage rate to fund voter approved debt service obligations for Fiscal Year 2021-2022. Advertising for this public hearing appeared on the Truth-in-Millage (TRIM) Notice mailed to all property owners. Staff Recommendation Background:
Staff recommends approval to adopt a resolution establishing the City of Lauderdale Lakes Fiscal Year 2022 (October 1, 2021 - September 30, 2022) tentative operating millage at 8.6000 (8.5 mills operating and .1mills reserves). Approval is also recommended to adopt a separate City of Lauderdale Lakes Fiscal Year 2021 tentative voted debt service millage of 1.0950 mils for a combined total tentative millage rate of 9.6950.
At the Commission Meeting held on July 27, 2021, Resolution 2021-070 was approved to establish proposed tax rates for inclusion in the preliminary tax statements sent to property owners in August 2021. The City identified two (2) Ad Valorem Tax Rates. One was for operating purposes. The other was for the repayment of debt service. Both of these rates, provided for in this resolution, served as separate not-to-exceed amounts for their respective purposes. A mil represents a specific rate of $1 per $1,000 of taxable value. A millage rate of 8.6000, for example, would result in a payment of $8.60 dollars per $1,000 of tax assessed value.
The total operating millage for the City of Lauderdale Lakes is recommended at 8.6000 mils. This entire amount is dedicated to operating and capital purposes. The proposed rate initially set by Resolution #2021-070 was set at this same rate and advertised. The rolled-back rate determined by State law for the change in assessed values versus the current rate is 8.2050. The advertised rate of 8.6000 reflects an increase of 4.81% above the rolled back rate.
Debt service for the $15 million General Obligation Bond approved by the voters in 2004 was issued in FY 2005. For Fiscal Year 2021-2022, the amount needed to fund the voted debt service is 1.0950 mils. A rolled-back calculation is not computed for voter-approved debt service since the millage levied is the actual amount to fund the debt service.
This resolution would establish the following tentative millage rates for Fiscal Year 2021-2022 – 8.6000 mils for operating and 1.0950 for voted debt service - for a total City millage of 9.6950. Once established, these new rates would be advertised in a newspaper of general circulation in Broward County. A second and final hearing will be held on September 23, 2021 at 5:01 p.m. to finalize these millage rates.
Funding Source:
N/A
Fiscal Impact:
No current year financial impact. The FY 2021-2022 tentative property tax millage of 8.6000 mills will fund the contractual obligations for Police and Fire Services; fund core City services; and implement Commission priorities identified in the budget. The tentative voted debt service millage of 1.0950 mills will fund the actual amount of the debt service. Sponsor Name/Department: Asheley A. Hepburn, MPA – Director, Financial Services Department Meeting Date: 9/15/2021 |