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The first public budget hearing will be 5:05 p.m. Wednesday, Sept. 5, at the Community Center.

The Palm Coast City Council unanimously approved a maximum millage rate of 4.5 mills, or $4.50 per $1,000 of taxable value, for the 2012-2013 fiscal year.

City officials reiterated Tuesday that this is the maximum rate, and that it will likely come down before final approval.

The rolled-back rate of 4.2958 mills would generate the same revenues in the next fiscal year after the 6.3% drop in property values.

According to Finance Director Chris Quinn, Palm Coast’s current millage rate of 3.99 mills is the second-lowest in the state among cities with a population between 60,000 and 90,000.

“Give us the flexibility to deal with the issue with the infrastructure surtax, and how we’re going to fund stormwater,” Quinn said. “If we set a lower rate, we’re really handcuffing ourselves.”

The first public budget hearing is set for 5:05 p.m. Wednesday, Sept. 5, at the Community Center, 305 Palm Coast Parkway N.E.
 

 

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