TO: Honorable Mayor & Members of the North Port Commission
FROM: A. Jerome Fletcher II, ICMA-CM, MPA, City Manager
TITLE: Discussion and Possible Action Regarding the 2024 Certification of Taxable Value, Proposed Millage and Scheduled Dates for Public Hearings.
Recommended Action
Direct the City Manager to submit the 2024 Certification of Taxable Value with the proposed millage rate of 3.7667.
Background Information
During the budget process every year, the City of North Port is required as part of the Truth in Millage process to submit a proposed millage rate. This rate is not the adopted rate, but rather the maximum millage rate. The actual adopted rate will be voted on by the City Commission at the budget hearing in September 2024.
In June 2024, the City received the gross taxable values from Sarasota County Property Appraiser's Office which were $10,043,884,136 for 2024. This amount includes new construction of $831,326,548 which leaves the adjusted taxable value at $9,212,557,588. This amount is compared to the final gross taxable value from the prior year of $8,485,547,614 to determine the rolled back rate.
In preparing the City Manager's Proposed Budget for Fiscal Year 2025, a millage rate of 3.7667 (the same since Fiscal Year 2021) was used. The rolled back rate for Fiscal Year 2025 is 3.4695 which is calculated to bring in the same tax revenue as the prior fiscal year excluding the 2024 net new taxable value.
The schedule for the Fiscal Year 2025 Budget is as follows:
> First Public Hearing: City Commission Special Meeting on September 11, 2024, at 5:01 p.m.
> Second Public Hearing: City Commission Special Meeting on September 25, 2024, at 5:01 p.m.
Strategic Plan
Good Governance
Financial Impact
Not applicable.
Procurement
Not applicable.
Attachments:
1. Draft DR 420 Certification of Taxable Value Form
2. Draft DR 420 MMP Maximum Millage Levy Calculation Form
Prepared by: Lisa Herrmann, Budget Administrator
Department Director...
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