Item No: 5.F.

Meeting Date: July 23, 2012

From: Gladys Johnson, Interim Finance Director

Subject: Resolution Authorizing the City Manager to execute and submit the Certification of Taxable Value for Fiscal Year 2012-13 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 2012-13 to the Lake County Property Appraiser, establishing a tentative millage rate based upon one of the options listed below.

Analysis:

TRIM guidelines require the City Commission to determine the “tentative millage rate” in July of each year. This is a rate representing the maximum millage rate that may be adopted by the Commission at the end of the budget process. The Commission has the ability to adopt a “final millage rate” lower than the tentative rate, but not higher. The final millage rate will be adopted in September, at the conclusion of the budget process. The current rate adopted millage rate is 4.3179 mills.

Options:

The City Commission may adopt a tentative rate up to 6.4256 mills by simple majority vote. It may adopt a rate between 6.4256 and 7.0682 (the maximum), by a 2/3 vote (4 of 5 commissioners approving) Options 1, 2, 4, 5, and 6 below are all straight from the TRIM guidelines. Option 3 is shown so you will know what happens if you simply add 1 mill to the current rate.

Fiscal Impact:

Adoption of the previous years’ millage rate will result in ad valorem proceeds of $4,566,367, a reduction of $162,952, or 3.4% from the previous year’s proceeds of $4,729,319. Any other rate must be multiplied by the Adjusted Taxable Value and then by .95 to determine the ad valorem proceeds that may be budgeted.

Submission Date and Time: 7/19/2012 1:59 PM____

Department: ____Finance_________ Prepared by: Puggy Johnson________ Attachments: Yes__X__ No ___ Advertised: ____Not Required ___X__ Dates: __________________________ Attorney Review : Yes___ No ____ _________________________________ Revised 6/10/04

Reviewed by: Dept. Head ________ Finance Dept. __________________ Deputy C.M. ___________________ Submitted by: City Manager ___________________

Account No.001-0000-311.01-00__ Project No. ___________________ WF No. ______________________ Budget ______________________ Available _____________________

RESOLUTION NO._______________

A RESOLUTION OF THE CITY OF LEESBURG, FLORIDA, AUTHORIZING THE CITY MANAGER EXECUTE AND SUBMIT THE CERTIFICATE OF TAXABLE VALUE FOR FISCAL YEAR 2012-13 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 2012-2013” 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 23rd day of July 2012.

__________________________

Mayor

ATTEST:

__________________________

City Clerk