PUBLIC HEARING

July 30, 2020

Adoption of the 2020-21 Proposed Millage Rates & Tentative Budget

OUR MISSION:

PUBLIC HEARING AGENDA Presentation of Proposed Millage and Budget

Public Comments

Board Discussion

Adoption of Total Millage

Adoption of 2020-21 Tentative Budget

Authorize Staff to Perform Necessary Actions for TRIM Compliance

Announce the Date for Final Hearing

TRIM requires two public hearings for open discussion of the millage rates and the proposed budgets of all taxing authorities.

TRUTH IN MILLAGE (TRIM)

WHAT IS A “MILL”?

A property tax levy of $1.00 per $1,000 of taxable property value.

1 Mill = 0.001

$100,000 X 0.001 = $100

The Florida Education Finance Program (FEFP) is the mechanism by which state and local funds are allocated to school districts in Florida.

The Florida Legislature SETS the Required Local Effort (RLE) Millage rates

The School Board MUST LEVY the RLE millage rates in order to receive State funding under the Florida Education Finance Program.

FLORIDA EDUCATION FINANCE PROGRAM (FEFP)

LEGISLATIVE PROPOSED MILLAGE RATES

Proposed2020-21

General OperatingRequired Local Effort (RLE)Basic Discretionary Operating

3.6940.748

Capital Outlay 1.500

Total Millage 5.942

TOTAL PROJECTED TAX LEVY

* Expected revenue at 96% collection

3.694 Mills

Required Local Effort (RLE)

0.748 Mills

Discretionary Local Effort (DLE)

1.500 Mills

Local Capital Improvement (LCI)

Required to levy in order to receive State funding

GENERAL FUND: $172.8M

Provides $475 per FTE, or $35,002,158

Subject to State compression Guarantees $580.78 per FTE State will provide $105.78 per

FTE, or $7,794,868

GENERAL FUND: $35M

1.500 Mills $70,191,494 Debt Service ($35,342,683)Maintenance ($10,300,000) Property Ins ($4,868,000) Capital Needs $19,680,811

CAPITAL FUND: $70.2M

Actual2019-20

Proposed2020-21

Increase/Decrease

% Difference

General OperatingRequired Local Effort (RLE)Basic Discretionary Operating

3.8380.748

3.6940.748

(0.144)0.000

(0.038)0.000

Capital Outlay 1.500 1.500 0.000 0.000

Total Millage 6.086 5.942 (0.144) (0.024)

LEGISLATIVE PROPOSED MILLAGE RATES

0.748 0.748 0.748 0.748 0.748 0.748 0.748 0.748 0.748 0.748 0.748

1.500 1.500 1.500 1.500 1.500 1.500 1.500 1.500 1.500 1.500 1.500

5.4055.864 5.848

5.358 5.091 5.027 4.668 4.320 4.051 3.838 3.694

7.653 8.112 8.096

7.606 7.339 7.275 6.916

6.568 6.299 6.086 5.942

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21

Basic Discretionary Capital Outlay Required Local Effort

HISTORICAL MILLAGE RATES

The Roll-back Rate is the millage rate that would generate the same amount of revenue as last year if applied to the current year adjusted taxable value.

ROLL-BACK RATE

Proposed Millage Rate: 5.9420 Rolled-Back Millage Rate: 5.7974>

11

Fiscal Year Tax Roll % Change2007-08 40,927,287,7932008-09 41,345,104,921 1.02%2009-10 36,725,460,270 -11.17%2010-11 32,390,012,540 -11.81%2011-12 27,812,038,128 -14.13%2012-13 27,457,119,378 -1.28%2013-14 28,715,811,876 4.58%2014-15 31,232,317,152 8.76%2015-16 33,145,486,378 6.13%2016-17 35,807,253,742 8.03%2017-18 38,803,031,716 8.37%2018-19 42,311,450,495 9.04%2019-20 44,455,674,986 5.07%2020-21 48,744,093,139 9.65%

$20,000,000,000

$25,000,000,000

$30,000,000,000

$35,000,000,000

$40,000,000,000

$45,000,000,000

$50,000,000,000

2007

-08

2008

-09

2009

-10

2010

-11

2011

-12

2012

-13

2013

-14

2014

-15

2015

-16

2016

-17

2017

-18

2018

-19

2019

-20

2020

-21

TAXABLE PROPERTY VALUES (TAX ROLL)

Assessed Value 100,000 Homestead Exemption (25,000) Taxable Value 75,000

Taxable Value $ 75,000 Div ided by 1,000 75 Multiply by Millage Rate 5.942 School Property Taxes 445.65

HOW ARE SCHOOL TAXES CALCULATED

2016 2017 2018 2019 2020Assessed Value $ 205,000 $ 209,305 $ 213,700 $ 217,761 222,769$ Homestead Exemption (25,000) (25,000) (25,000) (25,000) (25,000) Taxable Value 180,000 184,305 188,700 192,761 197,769

Taxable Value 180,000 184,305 188,700 192,761 197,769 Divided by 1,000 180.00 184.31 188.70 192.76 197.77 x Millage Rate 6.92 6.57 6.30 6.09 5.94 School Property Taxes 1,244.88$ 1,210.55$ 1,188.62$ 1,173.14$ 1,175.15$

Change from prior year: (34.33) (21.93) (15.48) 2.01

Cumulative Change: (69.73)$

TAX YEAR

HOW WILL MY TAXES CHANGE?

The average family will pay $1,039.85 in property taxes on a home assessed at

$200,000 earmarked for the public schools in Brevard County.

Over the course of one year, that averages out to $2.85 a day.

The $2.85 per day pays for Teachers, School Counselors, Other School Staff, Utilities

(Electricity, Water, Garbage Collection, etc.), Fuel for Yellow School Buses, Technology in

Classrooms, Lab Equipment for Science Classes, and Building Repairs, Renovations

& Improvements

FOR FAMILIES FOR SCHOOLS

SO, WHAT DOES THIS MEAN?

PROPOSED BUDGET

The proposed tentative budget for fiscal year 2021-21 as follows:

FUND DESCRIPTION 2020-2021100 General Operating $650,090,789 200 Debt Service $35,691,449 300 Capital Projects $249,580,920 400 Special Revenue $95,831,745 700 Internal Service $79,024,566 900 Enterprise Fund $4,518,944

Total $1,114,738,413

PUBLIC COMMENTS

Proposed 2020-21 Millage Rates

Tentative Millage Levy

Proposed Amount to be Raised

General OperatingRequired Local Effort 3.694 $172,858,253Discretionary Operating 0.748 $35,002,158Capital Outlay 1.500 $70,191,494

Total 5.942 $278,051,905

MILLAGE RATE ADOPTION

BUDGET ADOPTION

Adopt tentative budget for fiscal year 2020-21

FUND DESCRIPTION 2020-2021100 General Operating $650,090,789200 Debt Service $35,691,449300 Capital Projects $249,580,920400 Special Revenue $95,831,745700 Internal Service $79,024,566900 Enterprise Fund $4,518,944

Total $1,114,738,413

Authorize staff to perform all tasks necessary to ensure compliance with the Truth in Millage (TRIM) requirements of Chapter 200.065, Florida Statutes.

TRIM COMPLIANCE

NEXT STEP - FINAL PUBLIC HEARINGTIME: 5:30 p.m.DATE: September 10, 2020 LOCATION: Board Room

THANK YOU