Oviedo council sets tentative millage, schedules budget hearing and approves early debt retirement

At its July 20 meeting the Oviedo City Council took several fiscal actions: it adopted resolution 4744‑26 establishing tentative millage rates for fiscal year 2026–27 and scheduled the first public hearing on the proposed budget; it also adopted resolution 4745‑26 to retire certain general‑government debt early.

Finance staff presented resolution 4744‑26 and recommended a tentative operating millage rate of 5.6692 mills and a general obligation bond debt millage of 0.1075 mills, for a total tentative millage rate of 5.7767 mills. Staff said the proposed FY2026–27 budget is balanced using the recommended rates and that adopting the tentative rate would result in a 0.00% increase above the rollback rate. The council adopted the resolution and set the first public hearing for Sept. 10, 2026 at 6:30 p.m. in Oviedo City Hall.

On resolution 4745‑26 staff recommended early retirement of two existing general‑fund debts. The presenter stated the total early‑retirement amount is approximately $11,651,622.55 and that the payments would be split across funds; staff also noted an associated budget amendment is included because the retirement was not in the adopted budget. The council approved the resolution; staff said the general fund will have no outstanding general‑fund debt after the retirement (other GO debt remains categorized separately).

Separately, the council agreed to continue resolution 4718‑26 (right‑of‑way vacate of Old Chilota Road) to the Aug. 3 meeting so staff can correct Exhibit 2 (utility easement).