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Adoption of the tentative millage rate for the City of Pompano Beach for Fiscal Year 2024-2025, reflecting a General Fund operating millage of 5.2443; a voted Debt Service millage, Series 2018 of 0.2884 and a voted Debt Service millage, Series 2021 of 0.1965 for a total millage of 5.7292. The City's proposed aggregate millage rate (General Fund operating millage rate (5.2443) and EMS millage rate (0.5000)) of 5.7443 represents a 7.25% increase in property taxes when compared to the aggregate rolled-back millage rate of 5.3559. This increase in property taxes is due to the increase in the City's assessed valuation of taxable property on the 2024 Tax Roll, even though the recommended operating millage rate decreased by -0.5% to 5.2443.
(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 final public hearings. At the public hearings, the rolled-back rate, the 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 2025 is 5.2443, representing a -.05% decrease compared to FY 2024 adopted operating millage rate of 5.2705.
The voted 2018 Series Debt Service recommended millage rate for FY 2025 is 0.2884, representing a -9.4 % decrease compared to the FY 2024 adopted debt service millage rate of 0.3183.
The voted 2021 Series Debt Service recommended millage rate for FY 2025 is 0.1965, representing a -9.7 % decrease compared to the FY 2024 adopted debt service millage rate of 0.2175.
Please note that the terms "aggregate" millage rate and "aggregate" rolled-back rate, as referred to in the title of this agenda item, include the General Fund and EMS millage rates. Calculation as follows:
[(current year aggregate millage rate ? cur...
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