The Cape Coral City Council set the 2012-13 not-to-exceed millage rate at the current rate.

During Monday’s regular meeting, the council voted 7-1 to set the rate during future discussions on the upcoming fiscal year at 7.9570 – the 2011-12 millage, or tax, rate. Mayor John Sullivan dissented.

One mill translates into $1 of tax revenue on every $1,000 of taxable property. Council still can decrease the rate, but not exceedthe cap set.

Earlier this month, City Manager John Szerlag released his proposed budget for the 2012-13 year, suggesting that the city maintain the current rate. The rolled back rate, or rate needed to bring in the same amount of tax revenue collected during the previous fiscal year, is 7.7391, Szerlag reported.

By maintaining the current rate, tax revenue will jump $2.4 million, or 2.81 percent.

According to Szerlag’s proposed budget, taxable value rose from about $8.7 billion to $8.9 billion in the Cape over the course of the last year – 3.82 percent. It is the first noted increase since 2007.

On Monday, the council also set the public hearing dates for the budget in an unanimous 8-0 vote. The first hearing is Sept. 6 and the second hearing is Sept. 20, which is when the budget, and final tax rate, will be adopted.

Szerlag’s proposed operating budget totals $459,821,080, or 4.13 percent more than last year’s adopted budget. The general fund proposal is approximately $142 million, up from $138 million in 2011-12.