Tonight, the Sarasota City Commission will hold the second of two public hearings regarding its proposed budget and millage rate for next year, the final step before both are adopted for fiscal year 2014.
The operating millage rate of 3.1728 mills would represent an 8.5% increase over last year. Including debt service for bonds from 2007, the total millage rate for the city of Sarasota would be 3.5817 mills, 6.8% higher than last year, if approved by the commission.
One mill is equal to $1 in property tax for every $1,000 in assessed value on a property. For a property valued at $200,000, the operating millage rate increase would lead to an extra $49.58 in property taxes.
The millage rate increase, in conjunction with the use of about $1.1 million in revenue stabilization funds, is designed to eliminate a deficit of over $3 million in the proposed 2014 budget.
The preliminary millage rate was set by a 3-2 vote in July, and was approved by the same margin at the first public hearing earlier this month. Mayor Shannon Snyder and Commissioner Paul Caragiulo voted against the millage rate at both meetings.
The public hearing will be held at 6 p.m. tonight in the commission chambers at City Hall, 1565 First St.
Contact David Conway at [email protected].