 |  | 5919 MAIN STREET . NEW PORT RICHEY, FL 34652 . 727.853.1016 |
| TO: | City of New Port Richey City Council | | FROM: | Crystal M. Dunn, Finance Director | | DATE: | 10/1/2024 | | RE: | Final Public Hearing - Resolution No. 2024-25 Adopting Final Millage Rate & Resolution No. 2024-26 Operating Budget & Capital Improvement Program |
REQUEST:
The City Council is requested to conduct the second and final public hearing to set a final millage rate and adopt the proposed Operating Budget and Capital Improvement Program for FY2024-2025.
DISCUSSION:
On September 19, 2024, City Council conducted the first public hearing on the proposed FY24-25 Budget. At that time, City Council adopted resolutions that established a tentative millage rate of 8.3000 mills, which is greater than the rolled-back rate of 8.19970 mills by 1.22%, which represents a 1.22% increase in property taxes, and a tentative Operating Budget. The purpose of tonight's public hearing is to adopt a final millage rate and final Operating Budget for FY2024-2025.
RECOMMENDATION:
After receiving comments and questions from the public and full discussion and consideration of the City's proposed budget, staff recommends adoption of Resolution No. 2024-25, which will establish a final millage rate of 8.3000, and adoption of Resolution No. 2024-26, which will establish a final Operating Budget and Capital Improvement Program for FY2024-2025.
BUDGET/FISCAL IMPACT:
The adopted millage rate will be incorporated in establishing an estimate of Ad Valorem Tax Revenue for FY2024-2025. The FY 2024-2025 Operating Budget and Capital Improvement Program will serve as the City’s spending plan for the ensuing fiscal year. | | | |