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The FY 2018 Adopted Budget for all funds totals $538,525,739
The City’s property tax rate for FY 2018 is 7.4479 mills and is unchanged from 7.4479 mills in FY 2017. Additionally, there is a debt service millage of 0.2513 mills added to the property tax rate as the voted debt service millage for FY 2018. The voted debt service millage is based upon the approval of a General Obligation Bond for Public Safety and Parks & Recreation capital improvements by a majority of the City residents qualified to vote and voting in the November 2004 elections, and is used to repay that portion of the approved debt service scheduled for repayment in FY 2018. Combining the two millage rates, the total millage rate for the City of Hollywood is 7.6992 mills. It should be noted that there are additional tax assessments imposed by Broward County, the Broward County School Board, the South Broward Hospital District, and several other taxing authorities. All of these tax assessments comprise the total annual ad valorem taxes to be paid.
The millage rate, also referred to as the ad valorem tax rate or the property tax rate, refers to the number of mills assessed per $1,000 or the levy per $1,000 of taxable value of real property. The total millage rate for FY 2018 is 7.6992 mills and is comprised of the millage rate for real property of 7.4479 mills and a debt service millage rate of 0.2513 mills.
The City’s General Fund is the fiscal and accounting entity used to account for both general government activities and those activities not required to be accounted for in another fund. Included in governmental activities and operations funded by the General Fund are the Offices of the City Commission, City Manager, and City Attorney; Public Safety, Police and Fire, Departments; Parks, Recreation and Cultural Arts; Public Works; and Development Services Departments. The General Fund is the City’s largest fund with a FY 2018 total budget of $257,506,148 representing 46.6% of the FY 2018 Adopted All Funds Budget. Revenues, which will fund the General Fund include net property taxes, utility service tax, simplified communications tax, franchise tax, occupational license fees, building permits, state shared revenues, fire rescue assessment fees, and user charges/fees.
The Adopted FY 2018 Operating Budget provides for 1,270 budgeted, full-time positions which represent a net decrease of one (1) position from the Amended FY 2017 Operating Budget.