Commission Meeting Agenda Item
Resolution 2020-106 (First and Final Reading) — Adoption of the Tentative Millage Rate for Fiscal Year 2020—2021
Staff Recommended Motion
Staff recommends approval of first and final reading of Resolution 2020-106, adopting the tentative millage rate of 3.3962 mills for Fiscal Year 2020—2021.
This resolution sets the Fiscal Year 2020—2021 tentative property tax millage rate of 3.3962 mills per $1,000 taxable valuation, which is 7.04% greater than the current year’s rolled back rate of 3.1727.
Per State Statute Chapter 200.065, the Town of Lady Lake must hold a public hearing on the tentative millage rate and proposed budget. At this hearing, the Town Commission will discuss the tentative millage rate, and if changed, re-compute its tentative millage rate and publicly announce the percent, if any, by which the re-computed tentative millage is greater than or less than the rolled-back rate and approve the resolution.
As a reminder, the Town Commission can increase the millage rate at this meeting, but at the second public hearing on September 21st, you will not be able to increase it from what was approved at this meeting. This tentative rate, plus any other rate below this rate, requires an affirmative vote of three members of the Town Commission.
The hearing was advertised via the TRIM notice mailed out by the Property Appraiser.
Source of Funding
Operating, Capital Budget and Other Funds
DRAFT RESOLUTION 2020-106
TOWN OF LADY LAKE, FLORIDA
A RESOLUTION OF THE TOWN COMMISSION OF THE TOWN OF LADY LAKE, LAKE COUNTY, FLORIDA, ADOPTING THE TENTATIVE PROPERTY TAX MILLAGE RATE TO BE LEVIED FOR FISCAL YEAR 2020—2021; AND PROVIDING AN EFFECTIVE DATE.
WHEREAS, the Town Commission of the Town of Lady Lake, Florida, has determined the amount of revenue required to meet the Town’s operating objectives for Fiscal Year 2020—2021; and
WHEREAS, a portion of this operating revenue is derived from ad valorem tax receipts; and
WHEREAS, the gross taxable value for operating purposes not exempt from taxation within Lake County has been certified by the Lake County Property Appraiser to the Town of Lady Lake as $ 1,300,527,498.
NOW, THEREFORE, BE IT RESOLVED by the Town Commission of the Town of Lady Lake, Lake County, Florida, that the Fiscal Year 2020—2021 operating millage rate for the Town of Lady Lake is 3.3962 mills, which is greater than the rolled-back rate of 3.1727 mills by 7.04%.
This resolution shall take effect immediately upon adoption.
RESOLVED this 9th day of September, 2020, in Lady Lake, Florida, by the Lady Lake Town Commission.
Town of Lady Lake, Florida
Jim Richards, Mayor
Kristen Kollgaard, Town Clerk
Approved as to form:
Derek Schroth, Town Attorney