AGENDA MEMORANDUM

 

 

MEETING DATE:   July 26, 2010

 

FROM:                       Jerry Boop, Finance Director, CPA, CGFO

 

SUBJECT:                  Resolution authorizing the City Manager to execute and submit the Certification of Taxable Value for Fiscal Year 2010-11 to the Lake County Property Appraiser

 

 

Staff Recommendation:

Staff recommends authorizing the City Manager to execute and submit the Certification of Taxable Value for Fiscal Year 2010-11 to the Lake County Property Appraiser, establishing the tentative operating millage at 4.3179 mills.

 

Analysis:

Under current TRIM guidelines, (s. 200.065 F.S.), the maximum millage rate that may be adopted by a majority vote is 4.5895 which is the rollback, or in this case the roll forward rate of 4.6779 mills less the reduction in per capita Florida income of (1.89%).    Once established, the tentative operating millage rate may be decreased at final adoption but it cannot be increased.  The 2010-11 proposed budgets reflect the prior year operating millage rate of 4.3179 mills.

 

 

Options:

  1. By a majority vote, the Commission may authorize the City Manager to execute and submit the Certification of Taxable Value, reflecting the proposed operating millage rate of 4.3179 mill per $1,000, the Tax Increment Adjustment Worksheet and the Maximum Millage Levy Calculation Preliminary Disclosure for Fiscal Year 2010-11 to the Lake County Property Appraiser; ($1,253,804,890 X .0043179 = $5,413,804 X 95% - $5,143,114);or

 

  1. Any such alternative action as the Commission may deem appropriate.

 

 

 

Fiscal Impact

 

The City has been impacted by significant declines in property values resulting in severe revenue reductions.  The table presented below reflects the most recent valuations received from the Lake County Property Appraiser which varies slightly from the Draft Budget document.  (City Revenue Only)

 

 

 

Current Value

Prior Year Value

Decrease in Values

Percent Change in Value

Impact on Revenue

Percent Change in Revenue

 

 

 

 

 

 

 

General Fund

$649,933,961

$741,661,941

($91,727,980)

(12.37%)

($376,269)

(7.41%)

GLCRA

132,850,412

148,221,674

(15,371,262)

(10.37%)

(63,053)

(25.01%)

CHCRA

81,460,132

88,111,616

(6,651,484)

(7.55%)

(27,284)

(22.07%)

27/441 CRA

389,560,385

454,362,582

(64,802,197)

(14.26%)

(265,819)

(63.46%)

Total

$1,253,804,890

$1,432,357,813

($178,552,923)

(12.47%)

($732,425)

(12.47%)

 

The table below reflects the Estimated Reduction in Revenue from Other Sources which include Lake County, Lake County Water Authority and Ambulance.  Please note that Other Sources only impact the CRA’s.  The total estimated revenue impact to the City is summarized in the far right hand column labeled Total Estimated Revenue Reductions.

 

 

 

 

Fiscal Year

2009-2010 Revenue 4.3179 Mills

Projected

2010-11

Revenue 4.3179 Mills

Estimated  Reduction in Revenue From The City

Estimated Reduction in Revenue From Other Sources

 

Total Estimated Revenue Reductions

GF

$5,080,968

$4,704,700

$ 376,269

-0-       

$  376,269

GLCRA

    252,126

    189,073

    63,053

$ 77,821

    140,874

CHCRA

    123,599

     96,315

    27,284

   33,675

      60,959

27/441 CRA

    418,845

   153,026

  265,819

  328,077

     593,896

Total

$5,875,538

$5,143,114

$ 732,425

$439,573

$1,171,998

 

 

Submission Date and Time:    7/22/10 10:41 AM____

 

Department: __Finance_____________

Prepared by:  __Jerry Boop_______                     

Attachments:  Yes_X___   No ______

Advertised:   ____Not Required ______                     

Dates:   __________________________                      

Newspapers:

_________________________________                                                    

_________________________________           

Revised 6/10/04

 

Reviewed by: Dept. Head __JB____

 

Finance  Dept. _______JB_________                                     

                              

Deputy C.M. ___________________                                                                         

Submitted by:

City Manager ___________________

 

Account No. _________________

 

Project No. ___________________

 

WF No. ______________________

 

Budget  ______________________

 

Available _____________________

 

 


 

RESOLUTION NO.____________

 

A RESOLUTION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING THE CITY MANAGER TO EXECUTE AND SUBMIT THE CERTIFICATE OF TAXABLE VALUE FOR FISCAL YEAR 2010-11 TO THE LAKE COUNTY PROPERTY APPRAISER; AND PROVIDING AN EFFECTIVE DATE.

 

BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF LEESBURG, FLORIDA:

 

            THAT the City Manager is hereby authorized to execute the “Certificate of Taxable Value for Fiscal Year 2010-11” and submit the same to the Lake County Property Appraiser, whose address is P. O. Box 1027, Tavares, Florida 32778.

 

             THAT this resolution shall become effective immediately.

 

PASSED AND ADOPTED by the City Commission of the City of Leesburg, Florida, at a regular meeting held the 26th day of July 2010.

 

 

 

                                                                            __________________________

                                                                             Mayor

 

ATTEST:

 

 

__________________________

City Clerk