18-19 Advertised Millage Rate for 2018 Notices
City Council Agenda: July 10, 2018
Agenda Item
Proposed motions
Motion 1:
Approval of maximum millage rate for advertisement for 2018 Tax notices, 8.9932 for
budget year 2018-2019.
Motion 2:
Approval of 2018-2019 Budget Preparation and Millage Calendar setting workshop(s) to
be held August 21st, 5:00pm, August 28th at 5:00pm (if needed), First Public Hearing
September 4th, 2018 at 6:00 pm, and Final Public Hearing September 18th, 2018 at 6:00
pm, all to be held in Council Chambers at 55 SE 3rd Avenue, Okeechobee, FL.
Background: This proposed rate of 8.9932 is the current rate plus 1 mil.
Taxable Values used within the budget.
**CPI (Change in Per Capita Income) provided by State Statute
***New Construction value $952,906
Total Taxable
Value 96%*
FY
2018/2019
Budgeted
2018/2019 Taxable
Value: $284,316,445 $272,943,787 $259,696,140
2018/2019 Same
Property Values:
(Values w/o New
Construction)
$283,363,539 $272,028,997
Increase in same
properties
$13,495,609
5%
$12,955,785
5%
Millage Rate, 7.9932
generated Ad Valorem
Revenue
$2,272,598 $2,181,694 $2,075,803
2018/2019
Rollback/Rollforward
Millage Rate, 7.6125
(w/o New Construction)
$2,157,104 $2,070,820
2018/2019
Rollback/Rollforward
Millage Rate, w/CPI
7.7244**
(w/o New Construction)
$2,188,813 $2,101,260
2018/2019
Current Millage Rate
+ 1 mill 8.9932
(w/o New
Construction)
$2,548,345 $2,446,411
Ad Valorem Revenue
with
New Construction***
$2,556,914 2,454,638