| | | | | | | | | TOWN OF DAVIE AGENDA REPORT
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| | | | | | | | | | To: | Mayor and Councilmembers | | From: | William W. Ackerman, Budget and Finance Director | | Prepared By: | Sharee Haynes-Dyer, Budget Manager - Budget Finance | | Subject: | Ordinance | | Affected District: | Town Wide | | Item Request: | Schedule for Council Meeting | | Title of Agenda Item: | MILLAGE RATES - AN ORDINANCE OF THE TOWN OF DAVIE, FLORIDA, ESTABLISHING THE MILLAGE RATES TO BE LEVIED FOR THE FISCAL YEAR BEGINNING OCTOBER 1, 2026 AND ENDING SEPTEMBER 30, 2027 (FY 2027); PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE. | | Executive Summary: | Pursuant to Florida Statute, this ordinance is necessary to establish the operating and voted debt millage rates to be levied for Fiscal Year 2027 (FY 2027).
The proposed operating millage rate for Fiscal Year 2027 is the rolled-back rate of 5.3392 mils, which is 5.08% less than the 5.6250 mils adopted for Fiscal Year 2026. This millage rate is necessary to fund the Town's General Fund operating expenditures for FY 2027, including $5.9 million for thirty-one (31) projects in the FY 2027 Capital Improvement Program.
The proposed voted debt millage rate for FY 2027 is .0541 mils, which is 68.6% less than the adopted FY 2026 rate of .1725 mils. Revenues from this levy will be used to pay the principal and interest payments for one voter-approved general obligation (GO) bond – the 2006 Fire Bonds (as refunded in 2015). The Town will also utilize $86,000 from voted debt reserves toward the required debt service payments. If none of the reserve is applied, the required millage rate is .0595 mils. | | Key Points: |
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Each September, the Town must adopt an operating millage rate for the next fiscal year pursuant to Florida Truth-in-Millage (TRIM) statutes.
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The proposed FY 2027 operating millage rate is the rolled-back rate of 5.3392 mils.
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The proposed FY 2027 operating millage rate is 5.08% less than the millage rate adopted for FY 2026.
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A millage rate also needs to be levied for voter-approved (voted) debt service. The necessary voted debt millage rate is .0541 mils.
| | Previous Actions: | N/A | | Concurrences: | N/A |
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| | | | | | | | | | Fiscal Impact: | | | Has request been budgeted? | Yes | | If yes expected cost: | | | Account name and number: | | | If no, amount needed: | | | Account name funds will be appropriated from: | | | Additional Comments: | The proposed Fiscal Year 2027 Budget is based on the millage rates stated in the proposed ordinance. |
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| | | | | | | | | | Recommendation: | Motion to approve |
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Strategic Goals This Item Supports:
Respecting and promoting Diverse and Sustainable Community and Neighborhood Value with consideration of our historic roots, Commitment to Customer Satisfaction, Dedication to Excellence in Service Delivery, Creating an Environment that is Conducive to Innovation, Creativity, and Collaboration, Nurturing the health, safety, and welfare of the community
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