19-20 Proposed Advertised Millage Rate for 2019 Notices
City Council Agenda: July 16, 2019
Agenda Item
Proposed motions
Motion 1:
Approval of maximum millage rate for advertisement for 2019 Tax notices, 8.9932 for
budget year 2019-2020.
Motion 2:
Approval of 2019-2020 Budget Preparation and Millage Calendar setting workshop(s) to
be held August 6 5:00pm, August 20 at 5:00pm (if needed), First Public Hearing
September 3, 2019 at 6:00 pm, and Final Public Hearing September 17, 2019 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 $2,345,385
Total Taxable
Value 96%*
FY
2018/2019
Budgeted
2018/2019 Taxable
Value: $304,506,900 $292,326,624 $272,943,787
2018/2019 Same
Property Values:
(Values w/o New
Construction)
$302,161,515 $290,075,054
Increase in same
properties
$14,796,970
4.9%
$14,205,091
4.9%
Millage Rate, 7.9932
generated Ad Valorem
Revenue
2,436,418 $2,336,625 $2,181,694
2019/2020
Rollback/Rollforward
Millage Rate, 7.6018
(w/o New Construction)
2,296,972 $2,205,092
2019/2020
Rollback/Rollforward
Millage Rate, w/CPI
7.6315**
(w/o New Construction)
$2,305,945 $2,213,628
2019/2020
Using the Current
Rate
of 7.9932 (w/o new
construction
$2,415,237 $2,318,628
Ad Valorem Revenue
with
New Construction***
$2,433,984 $2,336,625