July 29, 2014 1
School Board Members Carol W. Kurdell, Chair Susan L. Valdes, Vice Chair Doretha W. Edgecomb April Griffin Candy Olson Cindy Stuart Stacy R. White, Pharm.D. 2
The education of children is a fundamental value of the people of the State of Florida. It is, therefore, a paramount duty of the state to make adequate provision for the education of all children residing within its borders. Adequate provision shall be made by law for a uniform, efficient, safe, secure, and high quality system of free public schools that allows students to obtain a high quality education. Florida Constitution Article IX, Section 1 3
Legislative Requirements: 1) What is TRIM? 2) What is the Rolled-Back Rate? 3) What is a Property Tax Millage Rate? 4
Definitions: What is TRIM? TRIM timelines are very prescriptive in Law; TRIM clock starts July 1 or Date of Certification; Total timeline to Budget Adoption is 80 days; Two Public Hearings required during time; Submittal of adopted Budget and Millage 5
Definitions: What is the Rolled-Back Rate? The Rolled-Back Rate is the millage rate that would raise the same amount of revenue as last year if applied to the current tax roll. 6
Rolled-Back Rate 2013 Property Values: $69,568,964,523 billion Required Legislative Millage Rate of 7.6900 generated $513,585,924 2014 Property Values: $74,647,722,426 billion Rolled-Back Millage Rate of 7.2998 would generate $534,985,337 2014 Property Values: $74,647,722,426 billion Required Legislative Millage Rate of 7.3530 estimated $526,929,317 7
Definitions: What is a Property Tax Millage Rate? A millage rate or mill levy of $1.00 per $1,000 of taxable property value. 8
Florida Education Finance Program (FEFP) The Florida Department of Education certifies the State Required Local Effort (RLE) Millage rate that must be levied by the School Board to generate the required local share. The School Board must impose the established Millage rate in order to obtain the state share of funding for the district. 9
Proposed Millage Rate for FY 2014-2015: 7.3530 Proposed 2014-2015 State Required Local Effort 5.1050 Discretionary Operating 0.7480 Supplemental 0.0000 Sub-Total 5.8530 Debt Service 0.0000 Discretionary Capital Outlay 1.5000 Total Millage Levy 7.3530 10
How are my taxes computed? Assessed Value 200,000 Homestead Exemption -25,000 Taxable Value 175,000 Taxable Value 175,000 Divided by 1,000 175 x Millage Rate 7.3530 Property Taxes $1,286.78 Remitted for School Funding 11
Property Appraiser Information Hillsborough County Property Appraiser 601 E. Kennedy Blvd County Center, 15 th Floor Tampa, FL 33602-4932 E-mail: custserv@hcpafl.org 813-272-6100 Telephone 813-272-5519 Fax 12
Definitions: Market Value Assessed Value Assessment Reductions Exemptions Taxable Value 13
So what does this mean? The average family will pay $1,286.78 in property taxes on a home assessed at $200,000 earmarked for the public schools in Hillsborough County. Over the course of one year, this averages out to less than $3.54 a day. 14
The $3.54 per day pays for: Teachers, Guidance Counselors, school staff Utilities Electric bill, water bill, telecommunications Fuel for yellow school buses Technology in classrooms Lab equipment for science classes Building repairs, renovations, improvements 15
Estimated Revenue Internal Service Fund Capital Fund Debt Service Fund General Operating Fund Federal/SNS 16
Hillsborough County Public Schools We are: Students Employees Facilities Community 17
How Are the Dollars Spent? Curriculum & Professional Development = 2.92% District Services = 2.19% (Human Resources, Payroll, General Administration, Central Services, Administrative Technology Services) School Level Services = 94.89% (Instruction, School Administration, Counseling, Psychological Services, Community Services, Maintenance, and Transportation) 18
Public Discussion Do you have questions or comments? We are ready to assist in any way we can. It s important that you know how much we appreciate your commitment to the students in our community. 19
Recommendations Adopt the Proposed Individual Millage Rates as follows: State Required Local Effort Discretionary Operating Local Capital Outlay Debt Service Total Millage Rate 5.1050 mills 0.7480 mills 1.5000 mills 0.0000 mills 7.3530 mills 20
Recommendations 1) Adopt the Tentative Budget of $2,883,918,230.69 2) Approve the Resolutions Adopting the Tentative Millage Rates and Tentative Budget 3) Approve the Procedures for Expenditure of Lottery Funds 4) Authorize staff to perform all tasks necessary to ensure compliance with the Truth in Millage (TRIM) requirements of Chapter 200.065, Florida Statutes. 21
Final Public Hearing The 2014-2015 Final Budget Hearing: When: Tuesday, September 9, 2014 Time: Where: 5:01 p.m. Raymond O. Shelton School Administrative Center (ROSSAC) 901 East Kennedy Blvd. Tampa, Florida 22
On behalf of our students and teachers THANK YOU! 23