Palm Coast – During Tuesday’s City Council Business Meeting, the maximum millage rate was set to the rollback rate of 4.257 mils. The motion received a 3/2 vote of approval from City Council. This decision demonstrates the city’s commitment to responsible financial management while still ensuring that essential services are provided to its residents.
The millage rate is a term used to describe the property tax rate levied by a local government, such as a city or county. It is typically expressed in “mils,” which represents one-thousandth of a dollar. For example, a millage rate of 4.257 mils means that for every $1,000 of a property’s assessed value, the property owner would pay $4.257 in taxes.
The rollback rate represents the millage rate needed to generate the same revenue as the previous year, considering the city’s budgetary needs and economic factors. By setting the millage rate at the rollback rate, Palm Coast aims to strike a balance between maintaining financial stability and minimizing the potential tax burden on its residents.
Now that the maximum millage rate is set, City staff will review budget expenses to identify areas where reductions can be made for the upcoming fiscal year. The rollback rate requires a $2.8 million reduction in the general fund budget to align with the approved rate.
The maximum millage rate cannot be increased during the budget process but can be lowered before the final adoption in September. A budget hearing will be held on September 7, 2023, at 5:15 p.m. at Palm Coast City Hall Community Wing. The community is encouraged to attend and participate in the budget process.
Budget presentations are provided at public City Council meetings and streamed live on the City’s YouTube channel. Meeting agendas for all public meetings are posted in advance of each meeting on the City’s website. All agendas can be viewed here.
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