RESOLUTION NO. XXX-2022: A RESOLUTION OF THE VILLAGE COUNCIL OF THE VILLAGE OF INDIANTOWN, FLORIDA, ESTABLISHING A PROPOSED MILLAGE RATE FOR THE LEVY OF AD VALOREM TAXES FOR FISCAL YEAR 2022-2023; SPECIFYING THE COMPUTED ROLLED-BACK RATE; PROVIDING FOR THE DATE, TIME, AND PLACE OF THE PUBLIC HEARING TO CONSIDER THE TENTATIVE MILLAGE RATE AND TENTATIVE BUDGET AND TO ADOPT A FINAL MILLAGE RATE AND FINAL BUDGET; PROVIDING FOR TRANSMITTAL TO THE MARTIN COUNTY PROPERTY APPRAISER; PROVIDING FOR ADVERTISEMENT OF THE FINAL HEARING TO ADOPT A FINAL MILLAGE RATE AND FINAL BUDGET; PROVIDING FOR RECITALS AND AN EFFECTIVE DATE.

Ch. 200, Florida Statutes, “Determination of Millage”, sets forth the requirements that must be followed in establishing a millage rate and adopting an annual budget.  This resolution seeks to effectuate those procedures.

Adoption of the current millage of 1.6304 set forth in this resolution for Fiscal Year 2022-2023 will result in a projected decrease of ($53,713) in ad-valorem revenues compared to current Fiscal Year 2021-2022. 

This will be the second consecutive year of decreased ad-valorem revenues. The adoption of the current millage rate for Fiscal Year 2021-2022 vs. the roll-back rate resulted in a reduction of ($82,616) vs. Fiscal Year 2020-2021.   

Staff recommends the Council consider adoption of the roll-back rate of 1.6892 to prevent further loss of ad-valorem revenue. Absent an amendment to the resolution to adopt a millage rate equal to or greater than the roll-back rate, Council should then approve the millage set forth in Section 1 of this resolution.