Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Millage Rate topic
No spam. Unsubscribe anytime.
Punta Gorda sets rollback millage rate for 2025 TRIM notice, council to revisit in September
Summary
Council selected the rollback millage rate of 3.8686 for the upcoming TRIM notices, instructing staff to prepare a resolution. Members cited a desire to preserve reserves while monitoring post‑hurricane fiscal risks; the council may revisit the rate during budget hearings in September.
Punta Gorda City Council on July 2 voted to set the rollback millage rate at 3.8686 for the 2025 Truth in Millage (TRIM) notice the city must publish. The rollback rate preserves the city—s ability to collect increased revenue produced only by new construction rather than raising rates on existing property values.
Finance Director Kristen Simeone presented the certified taxable values from the Charlotte County property appraiser (a 2.3% overall increase driven by new construction) and a five‑year pro forma showing the city's projected reserves under several rate options. Council members discussed that the city's current ad valorem rate of 3.95 had funded services and maintenance but that reserves begin to tighten by 2028.
Why it matters: The rate placed on the TRIM notices is the maximum the council may adopt in September without re‑advertising; the council may adopt a lower rate later but cannot adopt a higher rate than published. Choosing the rollback rate keeps the city's tax effort effectively flat for existing taxpayers while allowing the city to capture new construction growth.
Council discussion and vote: Several council members said they prefer the rollback rate to avoid burdening taxpayers during an uncertain recovery period; others argued for keeping flexibility. After discussion, council voted to list 3.8686 as the rate on the TRIM notice; staff will prepare the formal resolution for the July 9 meeting and then the final adoption for the September budget hearing if council chooses.
Ending: Council instructed staff to return with the TRIM resolution for publication and confirmed that the formal adoption would occur during the statutory September budget hearings (two hearings scheduled in September).
