Commission Meeting Agenda Item
Resolution 2020-107 (Second and Final Reading) — Adoption of the Final Millage Rate for Fiscal Year 2020—2021
Staff Recommended Motion
Staff recommends approval of Resolution 2020-107, adopting the final millage rate of 3.3962 mills for Fiscal Year 2020—2021.
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 disclose and discuss the proposed millage rate, and if changed, re-compute the proposed millage rate and publicly announce the percent, if any, by which the re-computed millage rate is greater than or less than the rolled-back rate and approve the resolution prior to the adoption of the proposed budget.
This resolution sets the Fiscal Year 2020—2021 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.
As a reminder, the Town Commission could have increased the millage rate at the September 9th meeting, but at the second public hearing on September 21st, it cannot be increased from what was approved at the September 9th meeting. This rate plus any other rate below this rate requires an affirmation vote of three members of the Town Commission. This hearing was advertised via an ad in the local newspaper.
Source of Funding
Operating, Capital Budget and Other Funds
DRAFT RESOLUTION 2020-107
TOWN OF LADY LAKE, FLORIDA
A RESOLUTION OF THE TOWN COMMISSION OF THE TOWN OF LADY LAKE, LAKE COUNTY, FLORIDA, ADOPTING THE FINAL PROPERTY TAX MILLAGE RATE TO BE LEVIED FOR FISCAL YEAR 2020-21; 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 21st 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