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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
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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:
- 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
- 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)
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Current Value |
Prior Year Value |
Decrease in Values |
Percent Change in Value |
Impact on Revenue |
Percent Change in Revenue |
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General Fund |
$649,933,961 |
$741,661,941 |
($91,727,980) |
(12.37%) |
($376,269) |
(7.41%) |
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GLCRA |
132,850,412 |
148,221,674 |
(15,371,262) |
(10.37%) |
(63,053) |
(25.01%) |
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CHCRA |
81,460,132 |
88,111,616 |
(6,651,484) |
(7.55%) |
(27,284) |
(22.07%) |
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27/441 CRA |
389,560,385 |
454,362,582 |
(64,802,197) |
(14.26%) |
(265,819) |
(63.46%) |
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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.
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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 |
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GF |
$5,080,968 |
$4,704,700 |
$ 376,269 |
-0- |
$ 376,269 |
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GLCRA |
252,126 |
189,073 |
63,053 |
$ 77,821 |
140,874 |
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CHCRA |
123,599 |
96,315 |
27,284 |
33,675 |
60,959 |
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27/441 CRA |
418,845 |
153,026 |
265,819 |
328,077 |
593,896 |
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Total |
$5,875,538 |
$5,143,114 |
$ 732,425 |
$439,573 |
$1,171,998 |
Submission Date and Time: 7/22/10 10:41 AM____
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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