Commission Meeting Agenda Item
Agenda Item
Resolution 2021-108 (First and Final Reading) — Adoption of the Tentative Millage Rate for Fiscal Year 2021—2022
Department
Finance
Staff Recommended Motion
Staff recommends approval of first and final reading of Resolution 2021-108 adopting the tentative millage rate of 3.3962 mills for Fiscal Year 2021—2022.
Summary
This resolution sets the Fiscal Year 2021—2022 tentative property tax millage rate of 3.3962 mills per $1,000 taxable valuation, which is 3.24% greater than the current year’s rolled back rate of 3.2896.
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 20th, 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.
Fiscal Impact
$4,600,635
Source of Funding
Ad Valorem
Funding Impact
Operating, Capital Budget and Other Funds
PSW/ns
Draft Resolution 2021-108
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 2021—2022; 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 2021—2022; 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 $ 1,354,641,899.
NOW, THEREFORE, BE IT RESOLVED by the Town Commission of the Town of Lady Lake, Lake County, Florida, that the Fiscal Year 2021—2022 operating millage rate for the Town of Lady Lake is 3.3962 mills, which is greater than the rolled-back rate of 3.2896 mills by 3.24%.
This resolution shall take effect immediately upon adoption.
RESOLVED this 8th day of September, 2021, in Lady Lake, Florida, by the Lady Lake Town Commission.
Town of Lady Lake, Florida
______________________________
Ruth Kussard, Mayor
Attest:
______________________________
Nancy Slaton, Town Clerk
Approved as to form:
______________________________
Derek Schroth, Town Attorney
Downloads
Commission Meeting Agenda Item 2021176 (.pdf document)
Draft Resolution 2021-108 (.pdf document)