FINANCE DEPARTMENT
M E M O R A N D U M
To: The Honorable Mayor and City
Commission
From: Ambreen Bhatty, Interim City
Manager
By: Steven Chapman II, Finance
Director
Date: September 24,
2009
Subject: Second Reading - Ad Valorem Tax Rate
To implement the comprehensive Fiscal Year 2009/10 Budget, two separate ordinances will be enacted. The first ordinance pertains to the City’s millage rate and the second adopts the City’s budget.
The City Commission approved the first reading of both ordinances on September 14, 2009. Tonight, we are presenting these ordinances for a second reading and final adoption. The tentative operating millage rate approved at the first public hearing was 6.9185 mills, an increase of 0.7310 mils or 4.67% less than the rolled-back rate. Further, the tentative debt service millage rate approved was .2363, a decrease of 0.0085. This resulted in a combined tentative total millage rate of 7.1548, an overall increase of 0.7225 mils.
Ad valorem property taxes provide approximately 40% of the City’s General Fund revenue. This funding is vital to providing the City services as outlined in the proposed budget. In order to adopt the operating millage rate, support and approval will be needed by at least four City Commissioners (a super majority). The ordinance approving the Administration’s recommended budget provides for spending limitations on the various City funds that are in the proposed budget. The final adopted budget will reflect any and all modifications approved by the Commission at the final public hearing.
Recommendation:
The Administration recommends Commission’s consideration and approval of the attached Ordinance:
ORDINANCE NO. 09-__________________
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF NORTH LAUDERDALE,
FLORIDA, ESTABLISHING AND ADOPTING THE CITY OF NORTH LAUDERDALE AD VALOREM TAX
OPERATING MILLAGE LEVY RATE AT 6.9185 MILLS FOR THE 2009 TAX YEAR REPRESENTING
A DECREASE OF 4.67% FROM THE PRIOR YEAR’S ROLLED BACK RATE, AND ESTABLISHING
AND ADOPTING THE CITY OF NORTH LAUDERDALE AD VALOREM TAX DEBT SERVICE MILLAGE
LEVY RATE AT 0.2363 MILLS FOR THE 2009
TAX YEAR, SPECIFICALLY TO SERVICE, AND ONLY TO SERVICE, THE DEBT INCURRED BY
THE NORTH LAUDERDALE 2004 GENERAL OBLIGATION BOND ISSUE, FOR A TOTAL CITY OF
NORTH LAUDERDALE 2009 TAX YEAR AD VALOREM TAX
MILLAGE LEVY RATE OF 7.1548 MILLS FOR ALL PURPOSES OR $7.1548 PER
THOUSAND DOLLARS OF TAXABLE ASSESSED PROPERTY VALUE; PROVIDING FOR CONFLICTS;
AND, PROVIDING AN EFFECTIVE DATE.
WHEREAS, the City Commission and the City Administration of the City of North Lauderdale, has reviewed the 2009/10 Fiscal Year budget for the various operating departments of the City and the means of financing said budget.
NOW,
THEREFORE, BE IT ORDAINED
BY THE CITY COMMISSION OF THE CITY OF NORTH LAUDERDALE, FLORIDA:
Section 1: That the City Commission of the City of North Lauderdale, Florida, does hereby establish and adopt the City of North Lauderdale Ad Valorem Tax Operating Millage Levy Rate of 6.9185 Mills for the 2009 tax year, and does further hereby establish and adopt the City of North Lauderdale Ad Valorem Tax Debt Service Millage Levy Rate at 0.2363 Mills for the 2009 tax year, specifically to service and only to service the debt incurred by the North Lauderdale 2004 General Obligation Bond Issue, for a total City of North Lauderdale 2009 tax year Ad Valorem Tax Millage Levy Rate of 7.1548 Mills for all purposes or $7.1548 per thousand dollars of taxable assessed property value. This millage rate reflects a decrease of 4.67% from the prior year’s rolled back rate.
Section 2: That all Ordinances or parts of Ordinances, Resolutions or parts of Resolutions in conflict herewith be and the same are hereby repealed to the extent of such conflict.
Section 3: That this Ordinance shall take effect on October 1, 2009.
PASSED
on first reading by the City Commission of the City of North Lauderdale,
Florida this 14th day of September, 2009.
PASSED and ADOPTED on
second reading by the City Commission of the City of North Lauderdale, Florida,
this 24th day of September, 2009.
APPROVED AS TO FORM: ____________________________________CITY ATTORNEY SAMUEL S. GOREN _____________________________________ MAYOR JACK BRADY _____________________________________ VICE MAYOR JOHN R. CANGEMI ATTEST: _________________________________________INTERIM CITY CLERK PATRICIA VANCHERI