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ITEM: SECOND PUBLIC HEARING ON THE FISCAL YEAR 2015/2016 PROPOSED MILLAGE RATE AND ANNUAL BUDGET FOR WELLINGTON
I. RESOLUTION NO. R2015-74 (MILLAGE RATE)
A RESOLUTION OF WELLINGTON, FLORIDA'S COUNCIL ADOPTING THE TAX LEVY AND MILLAGE RATE FOR WELLINGTON FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2015, AND ENDING SEPTEMBER 30, 2016; AND PROVIDING AN EFFECTIVE DATE.
II. RESOLUTION NO. R2015-75 (WELLINGTON BUDGET)
A RESOLUTION OF WELLINGTON, FLORIDA'S COUNCIL ADOPTING A BUDGET FOR THE VILLAGE OF WELLINGTON FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2015, AND ENDING SEPTEMBER 30, 2016; AND PROVIDING FOR AN EFFECTIVE DATE.
REQUEST: Approval of the proposed fiscal year 2015/2016 millage rate, operating and capital budget including balances brought forward. This is the second public hearing on the proposed budget and the corresponding ad valorem millage rate in accordance with the Wellington Charter and F.S. Chapter 200.065.
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EXPLANATION: FS Chapter 200.065 sets forth the procedure to be followed by each local government in adoption of the annual property tax millage, levy, and budget. In accordance with these regulations, the June 25, 2015 certified total taxable value of $6.94 billion is used in the millage and ad valorem revenue calculations for the FY 2015/2016 budget. The proposed millage rate of 2.45 mills is the same as the preliminary TRIM rate adopted on July 14, 2015, equal to last year's rate, and above the rollback rate of 2.2443 mills by 9.17%. The millage rate generates property tax revenues of $16,166,495, which is an increase of $1,473,582 from the FY 2015 property tax revenues.
The proposed budget totals $85.45 million, an increase of $8.50 million due to the budgeted use of fund balance for capital projects, higher major maintenance of infrastructure, and the addition of in-house tennis program operations. Excluding transfers, the total budget increases $5.98 million. The proposed budget supports existing le...
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