The City of Riviera Beach City Council is required to comply with the provisions of Chapter 200.065, Florida Statutes to set the maximum millage rate for FY2018/2019. The City is also required to set the date and time for the first Public Hearing in September. The date of the public hearing cannot fall on the same date as Palm Beach County or the Palm Beach County School Board. The Palm Beach County School Board has set its public hearing for Wednesday, September 5, 2018, therefore, Staff is recommending that the City Council holds its first public hearing on Thursday, September 6, 2018.

The rolled-back rate is 8.1475 mills for FY2018/2019, which is the rate that would generate the same amount of ad valorem revenues less allowances for new construction, additions, deletions, annexations, and improvements.  The rolled-back rate would generate $43M in ad valorem revenues, which is $1.6 million less than the budgeted ad valorem tax revenues presented during the budget workshops with the City Council in June. 

Staff is recommending that the City Council set the maximum millage rate at 8.4520 mills, which is the same millage rate as FY2017/2018. Total taxes to be levied at the proposed millage rate of 8.4520 mills is $44.6 million, of this amount $5.4 million is to be paid to the CRA for its tax increment value, and per the City Charter, $636,050 will be transferred to the Major Disaster Fund. Upon approval of the maximum millage rate by the City Council, millage rate cannot be increased.