§ 2-30. Annual operating budget.

(a)

The city council shall establish the requirement that the tentative budget for each fiscal year shall incorporate estimated ad valorem revenue in an amount that does not exceed the ad valorem levied during the prior fiscal year, exclusive of new construction, additions to structures, deletions, increases in the value of improvements that have undergone a substantial rehabilitation which increased the assessed value of such improvements by at least one hundred (100) percent, property added due to geographic boundary changes, total taxable value of tangible personal property within the jurisdiction in excess of one hundred fifteen (115) percent of the previous year's total taxable value, and any dedicated increment value, less the amount, if any, paid or applied as a consequence of an obligation measured by the dedicated increment value (revised definition of the roll-back rate, per 2007 Fl. ALS 321; 2007 Fla. Laws ch. 321; 2007 Fla. HB1; modifies F.S. § 200.065).

(b)

This tentative budget shall be submitted no later than July 1 of each fiscal year.

(Ord. No. 15-O-07, § 3, 9-28-2015)