Commission sets tentative millage at 4.0923 amid new state rollback rules

City finance staff summarized the Truth in Millage (TRIM) process and recent state changes in SB 4F that alter rollback calculations and voting thresholds. The new law reduces the built-in inflation metric used in rollback-rate calculations and raises the approval thresholds: a supermajority is now required to keep the rate constant or adopt a modest increase and unanimous approval or referendum is needed for increases beyond defined thresholds, staff said.

Peter (city finance director) told commissioners that Winter Park's taxable values increased approximately $555 million this cycle, producing about a 7% revenue uptick versus last year, but cautioned that a pending statewide amendment (referred to as Amendment 3 in the presentation) could add a new homestead exemption and cap non-homestead growth, reducing local revenue by an estimated $5.4 million to the general fund if passed. Staff recommended setting the tentative millage at 4.0923 and a debt-service (library) rate at 0.1937 to meet TRIM deadlines.

Commissioners discussed the policy trade-offs and asked staff to prepare a menu of budget reductions and reserve targets to consider before final budget adoption in September. The commission voted unanimously to set the tentative millage rate as recommended.