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2011-131-1524 - Proposed Millage Rate City of Miami Gardens Agenda Cover Memo Council Meeting Date: July 27, 2011 Item Type: (Enter X in box) Resolution Ordinance Other X Fiscal Impact: (Enter X in box) Yes No Ordinance Reading: (Enter X in box) 1st Reading 2nd Reading X Public Hearing: (Enter X in box) Yes No Yes No X Funding Source: Advertising Requirement: (Enter X in box) Yes No X Contract/P.O. Required: (Enter X in box) Yes No RFP/RFQ/Bid #: X (Enter #) Strategic Plan Related (Enter X in box) Yes No Strategic Plan Priority Area: Enhance Organizational Bus. & Economic Dev Public Safety Quality of Education Qual. of Life & City Image Communication Strategic Plan Obj./Strategy: (list the specific objective/strategy this item will address) N/A X Sponsor Name Danny Crew City Manager Department: City Manager City Manager’s Office Short Title: A RESOLUTION OF THE CITY OF MIAMI GARDENS, FLORIDA, ESTABLISHING THE PROPOSED MILLAGE RATE FOR FISCAL YEAR 2011-2012 OF _________; SETTING THE DATE, TIME AND PLACE OF PUBLIC HEARINGS TO CONSIDER THE PROPOSED MILLAGE RATE AND TENTATIVE BUDGET; PROVIDING FOR DIRECTIONS TO THE CITY CLERK; AND PROVIDING FOR AN EFFECTIVE DATE. Staff Summary: On July 1, 2011, the City received the final certification of 2011 taxable value for fiscal year 2012. Pursuant to Chapter 200, Florida Statutes, the City has to provide the Property Appraiser Office no later than August 4, 2011 a not to exceed millage rate to be levied for fiscal year 2012. The roll back rate for FY 2012 is 5.9112. The rate to be adopted at this meeting is a “not to exceed” rate. At the September budget hearings that are required by law and will be held on September 14, and September 28, the Council can reduce this “not to exceed” rate if they desire to, but cannot levy a rate which is higher than what is established at this meeting. ITEM L-1) RESOLUTION Setting Tentative Millage 1515 NW 167 Street, Building 5 Suite 200 Miami Gardens, Florida 33169 Proposed Action: Staff recommends that Council approve the millage resolution. Attachment: None Millage Alternatives Millage Impact on FY 12 Budget Current Millage Rate 5.7141 -$649,216 FY-12 Roll-Back Rate 5.9112 $0 5% Above Roll-Back 6.2068 + $973,659 8% Above Roll-Back 6.3841 + $1,557,657 Max Rate w/Majority Vote 6.6516 + $2,142,314 Millage Alternatives Millage Impact on Average Home Current Millage Rate 5.7141 -$ 7.10 FY-12 Roll-Back Rate 5.9112 $0 5% Above Roll-Back 6.2068 + $10.65 8% Above Roll-Back 6.3841 + $17.04 Max Rate w/Majority Vote 6.6516 + $23.43 Millage Alternatives Advantages of Max Rate • Would increase reserve from 3.6% to 7.8% • Would provide better cash flow for FY-12 • Would add flexibility in the event of a sudden downturn xxxbetween now & September • Would give greater margin of safety for emergency and xxxfor operations in FY-12