TO: Honorable Mayor & Members of the North Port Commission
FROM: A. Jerome Fletcher II, ICMA-CM, MPA, City Manager
TITLE: An Ordinance of the City of North Port, Florida, Adopting the Ad Valorem Millage Rate and Rolled-Back Rate for the Fiscal Year Beginning October 1, 2024 and Ending September 30, 2025; Providing for Findings: Providing for Conflicts: Providing for Severability; and Providing an Effective Date.
Recommended Action
Approve Ordinance No. 2024-30 on first reading and continue to second reading on September 25, 2024.
Recommended Action on Second Reading
Adopt Ordinance No. 2024-30.
Background Information
During the City Commission Special Meeting on July 24, 2024, the City Commission approved the maximum millage rate of 3.7667. That rate established the maximum millage rate that the City Commission can approve without going through the TRIM process again.
The Fiscal Year 2024-2025 Tentative Budget is based on a 3.7667 ad valorem millage rate. This rate represents $3.7667 per $1,000 of taxable value. The proposed millage rate is budgeted to generate $36,508,170 in General Fund revenues at a 96.5% collection rate.
The millage rate of 3.7667 being proposed is the same millage approved since Fiscal Year 2020-2021.
Ordinance No. 2024-30 has been reviewed by the City Attorney and is legally correct as to form.
Information for Second Reading
At its Special Meeting on September 11, 2024, City Commission approved Ordinance No. 2024-30 and continued it to second reading on September 25, 2024, as presented.
Strategic Plan
Good Governance
Financial Impact
If the City Commission does not approve this rate, the tentative General Fund budget will need to be adjusted.
Procurement
Not applicable.
Attachments:
1. Ordinance No. 2024-30
2. General and Building Fund Balance Reports
Prepared by: Lisa Herrmann, Budget Administrator
Department Director: Kim Williams, Finance Director