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File #: 23-5880    Name: FIRST PUBLIC HEARING FOR PROPOSED FISCAL YEAR 2023/2024 MILLAGE RATE, BUDGET AND ADOPTION OF THE FISCAL YEAR 2023/2024 CAPITAL IMPROVEMENT PLAN
Type: Rates
Body: Village Council
Agenda Date: 9/5/2023 Final action:
Title: ITEM: FIRST PUBLIC HEARING FOR PROPOSED FISCAL YEAR 2023/2024 MILLAGE RATE, BUDGET AND ADOPTION OF THE FISCAL YEAR 2023/2024 CAPITAL IMPROVEMENT PLAN REQUEST: Council approval of the proposed Fiscal Year 2023/2024 operating and capital budget including balances brought forward. This is the first public hearing on the proposed budget and the corresponding ad valorem millage rate in accordance with the Wellington Charter and Florida Statutes Chapter 200.065. The second public hearing and adoption is to be held on September 20, 2023.
Attachments: 1. 1. Budget Overview 090523 - 2.47 mills
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ITEM: FIRST PUBLIC HEARING FOR PROPOSED FISCAL YEAR 2023/2024 MILLAGE RATE, BUDGET AND ADOPTION OF THE FISCAL YEAR 2023/2024 CAPITAL IMPROVEMENT PLAN

REQUEST: Council approval of the proposed Fiscal Year 2023/2024 operating and capital budget including balances brought forward. This is the first public hearing on the proposed budget and the corresponding ad valorem millage rate in accordance with the Wellington Charter and Florida Statutes Chapter 200.065. The second public hearing and adoption is to be held on September 20, 2023.
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EXPLANATION: Florida Statutes Chapter 200.065 sets forth the procedure to follow for each local government in adoption of the annual property tax millage, levy, and budget. In accordance with these regulations, the June 27, 2023 certified total taxable value of $11.58 billion is applied to calculate the millage rate and ad valorem revenue for the FY 2023/2024 budget. The proposed millage rate of 2.47 mills is the same as the preliminary TRIM rate adopted on July 11, 2023 and 11.15% above the rollback rate of 2.22 mills. The proposed millage rate generates property tax revenues of $27.16 million, which is an increase of $2.74 million from FY 2022/2023 property tax revenues.

The proposed expenditure budget for all funds totaling $137.70 million continues Wellington's commitment to stable budgeting for sustainability while meeting local economic challenges. The FY 2023/2024 provides funding to maintain exceptional levels of service and maintenance, added recreation and event funding, community grants, and investment in facility capital improvement. The total budget is proposed at $9.14 million more than the FY 2023 budget of $128.55 million. The increase is attributable to inflationary pressures, new debt service on the Wellington Athletics Center construction, recreation, and added federal allocations for grants. Use of fund balances totaling $5.93 million is required to balance the budget in the General, Capital...

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