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City of North Miami Beach
17011 NE 19 Avenue
North Miami Beach, FL 33162
305-947-7581
www.citynmb.com


MEMORANDUM

 
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TO: Mayor and City Commission
FROM: Esmond K. Scott, City Manager
VIA: Janette Smith, CPA x2081
DATE: Tuesday, July 16, 2019
RE: Resolution No. R2019-58, Fiscal Year 2020 Proposed Millage Rates (Janette Smith, Interim Assistant City Manager)
BACKGROUND ANALYSIS:

This resolution will communicate to the Miami-Dade Property Appraiser's Office the City's proposed millage rate and the time, location and date at which public meetings will be held to consider the millage rate and the tentative budget.  To ensure transparency in the budget process and in following best practices, the City Manager has requested a public meeting regarding setting the proposed millage rate for the FY 2020 budget.

 

The City Manager is recommending a proposed millage rate of 6.3000 mils, which is $6.3000 per $1,000 of assessed property within the City.  Upon approval, this will be the maximum rate or "ceiling" rate the City can adopt.

 

The proposed millage rate of 6.3000 is 4.84%, or 0.2908 mils higher than the rolled-back rate of 6.0092.

 

Proposed Millage Rate:     6.3000 mils

Rolled-back Rate:              6.0092 mils

Difference:                         0.2908 mils

Difference (%):                   4.84%

 

The debt service millage rate for FY 2020 as established in accordance with the provisions of law pursuant to Chapter 200, Florida Statutes is 0.6194 mils.

 

The aggregate proposed millage rate is 6.9194 ( a combined total millage of 6.3000 mils for operating and 0.6194 mils for debt service).

 

The following date time and place are recommended for the first and second public hearings:

 

September 3, 2019

6:00 PM

City of North Miami Beach

17011 NE 19th Avenue

2nd Floor Commission Chambers

North Miami Beach, FL 33162

 

September 17, 2019

6:00 PM

City of North Miami Beach

17011 NE 19th Avenue

2nd Floor Commission Chambers

North Miami Beach, FL 33162

RECOMMENDATION: Approval of the resolution to adopt the proposed millage rate and set the date, time and place for the budget hearings is recommended.
FISCAL/BUDGETARY IMPACT:

An operating millage rate of 6.3000 mils will result in approximately $20,343,245 of ad valorem revenue.

 

A debt service millage rate of 0.6194 will result in approximately $2,002,100 of ad valorem revenue.

 
ATTACHMENTS:
R2019-58, Fiscal Year 2020 Proposed Millage