PROPOSED
OPERATING MILLAGE
REMAINS SAME; TAXES DROP
Sarasota, FL: The City Commission will hold
budget workshops for two days this week to discuss the 2008–09
fiscal year. The proposed budget maintains the current operating
millage rate and reduces the debt service millage, thereby
lowering the total millage. With the net taxable value of
property within the City of Sarasota down, fewer property
taxes would be collected.
The proposed budget lowers the debt service millage by 0.0600
mills, bringing it to 0.3291. When that rate is combined
with the proposed 2.7771 operating millage, the result is
a 1.9% decrease in the total millage rate: from 3.1662 to
3.1062.
Since last year, the taxable value of property throughout
the City has declined 10.76%. Under the proposed budget,
the City would collect $2.65 million less in property taxes
in the General Fund than the current fiscal year. The effect
on tax bills would result in savings for homeowners with
Homestead exemptions. For example:
• $299,954 (average assessed value):
$94.14 minimum savings
• $200,000 assessed value: $88.14 minimum savings
• $500,000 assessed value: $106.14 minimum savings
• $2,000,000 assessed value: $196.15 minimum savings
The proposed 2008-09 total budget is $178.4
million --- down $5.7 million from last year. The total budget
includes
the general fund, debt service reserve, special revenue funds,
enterprise funds, internal service funds, other post employment
benefits trust fund and debt service funds. The proposed
budget can be viewed on the City’s website: www.sarasotagov.com.
The budget workshops will be held in the Commission Chambers
in City Hall, 1565 First Street, Tues., July 22nd and Wed.,
July 23rd 8am – 5pm. If needed, the discussion will
continue Thurs., July 24th at 8am. The workshops can be viewed
live on-line at www.sarasotagov.com or on Verizon channel
34. Due to a programming conflict with the Sarasota County
Board of Commissioners, the City’s budget workshops
will not be shown on Comcast channel 19.
Public input will not be heard during the workshops. Members
of the public interested in speaking about the budget are
invited to do so during the budget public hearings scheduled
for Wed., September 3rd and Mon., September 15th at 6pm.
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