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A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, BROWARD COUNTY, FLORIDA, ADOPTING THE MILLAGES FOR THE 2023 TAX ROLL; LEVYING A TAX ON ALL PROPERTIES, REAL AND PERSONAL, WITHIN THE CORPORATE LIMITS OF THE CITY OF POMPANO BEACH, BROWARD COUNTY, FLORIDA, FOR OPERATION AND/OR MAINTENANCE EXPENSES OF THE CITY OF POMPANO BEACH USING A GENERAL OPERATING MILLAGE RATE OF 5.2705; LEVYING A TAX FOR THE PAYMENT OF PRINCIPAL AND INTEREST FOR 2018 GENERAL OBLIGATION BONDED INDEBTEDNESS USING A MILLAGE RATE OF 0.3183; LEVYING A TAX FOR THE PAYMENT OF PRINCIPAL AND INTEREST FOR 2021 GENERAL OBLIGATION BONDED INDEBTEDNESS USING A MILLAGE RATE OF 0.2175; PROVIDING THAT THE PROPOSED MILLAGE RATE (GENERAL OPERATING MILLAGE (5.2705) AND EMERGENCY MEDICAL SERVICES DISTRICT MILLAGE (0.5000)) OF 5.7705 REPRESENTS A 10.00% INCREASE IN PROPERTY TAXES WHEN COMPARED TO THE ROLLED-BACK MILLAGE RATE OF 5.2458; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: N/A)
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(Staff Contact: Erjeta Diamanti)
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Summary Explanation/Background:
Pursuant to State Statute 200.065, taxing authorities are required to adopt Fiscal Year tentative and final millage rates and a citywide budget following the first and the final public hearings. At the public hearings, the rolled-back rate, percentage of increase over the rolled-back rate, and the millage rate to be levied must be publicly read.
The recommended General Fund operating millage rate for FY 2024 is 5.2705, unchanged from the FY 2023 adopted millage rate of 5.2705.
The voted 2018 Series Debt Service recommended millage rate for FY 2024 is 0.3183.
The voted 2021 Series Debt Service recommended millage rate for FY 2024 is 0.2175.
Please note that the terms “aggregate” millage rate and “aggregate” rolled-back rate as referred in the title of this agenda item include the General Fund and EMS millage rates. Calculation as follows:
[(current year aggregate millage rate ÷ current year aggregate rolled-back rate) - 1.00] x 100
current year aggregate millage rate: 5.2705+.5000=5.7705
[(5.7705/5.2458) - 1.00] x 100 = 10.00%
This increase in property taxes is due to the increase in the City’s assessed valuation of taxable property on the 2023 Tax Roll.
The City’s FY 2024 Recommended Budget Books are published on the City’s Budget Office webpage: https://www.pompanobeachfl.gov/government/budget.
Per State Statue, the FY 2024 Adopted Budget Books will be published on the City’s Budget Office webpage https://www.pompanobeachfl.gov/government/budget within 30 days of its final adoption.
Origin of request for this action: City Manager’s Office
Fiscal impact and source of funding: N/A
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