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the initial millage would be less than this projectio-i based upon a smaller issuance. However, staff is presenting the total $50 million to reflect the maximum amount that we anticipate levying over the life of the bonds (assuming no taxroll decreases). The amounts a shown in the table below: Fiscal Year 2023/24 Projected Taxroll $21.8 billion Total annual debt service $3,819,593 Projected Millage 0.1750 mills Typical House Tax Bill ($250,000 taxable value) $43.74 As shown above, the proposed bond authorization would result in a projected millage rate of 0.1750 mills. The owner of a home with a $250,000 taxable value would pay about $43.74 per year to support the annual debt service for the bonds. It is also important to consider the ongoing cost of developing and managing the County's existing conservation lands (over 2,200 acres). During the last five years, County staff has been working to construct initial improvements for properties acquired through the previous two bond referendums. These initial improvements currently in progress were delayed due to funding constraints following the Great Recession. These improvements are requirements of the County's cost -share agreements with Florida Communities Trust (FCT). FCT administers the State's Land and Recreation Grants Program which has been the County's main source of matching funds for environmentally sensitive land purchases. The County has four full-time staff dedicated to the Conservation Lands Program. This staff is responsible for implementing public use improvements, applying for grants to leverage available funding, and maintaining the existing land under their area of responsibility per the management plans we have committed to with partner agencies. The County's five-year Capital Improvements Program includes funding of $13.8 million for projects at 17 locations. The annual operating budget of the Conservation Lands Program for the current year is $483,404. In order to operate, maintain, and manage the existing conservation properties, the current allocated budget amounts will need to increase significantly over the next few years. As an example, the County is currently obligated to construct three (3) museums and provide staffing and programming for these facilities. If the Board moves forward with the referendum and the referendum is approved by the voters, future County budgets will need to address the additional demands on the Conservation Lands Program. Staff Recommendation Staff recommends that the Board of County Commissioners: 1. Approve the proposed resolution authorizing the referendum and take any other necessary actions to have the matter placed on the November 8, 2022 ballot. 2. Direct staff to update the Environmental Lands Program Guide prior to the referendum. 3. Provide direction to staff on the process to prioritize properties for purchase. 65