It is recommended thatTown Council adopt the millage rate for Fiscal Year 2018-19 at 2.3127 mills which is $2.3127 per $1,000 of assessed property value. The proposed millage rate is expected to yield $7,061,200 in ad valorem revenue at 95% of value based on the July 1, 2018 estimated Property Tax Roll, as provided by Miami-Dade County Property Appraiser.

At the First Budget Hearing held on September 4, 2018, staff was directed to reduce the millage rate by $69,000, from2.3353 mills to 2.3127 mills for Fiscal Year 2018-19.This millage rate of2.3127 mills,is4.22% higher than the rolled-back rate of 2.2190, and will generate property tax revenues or ad valorem in the amount of $7,061,200 calculated at 95% for budget purposes.

The rolled-back rate of 2.2190 would generate $286,183 less in ad valorem revenue as compared to the proposedmillage rate of 2.3127.