...title
ITEM: SECOND PUBLIC HEARING ON THE FISCAL YEAR 2014/2015 PROPOSED MILLAGE RATE AND ANNUAL BUDGET FOR WELLINGTON
I. RESOLUTION NO. R2014-56 (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, 2014, AND ENDING SEPTEMBER 30, 2015; AND PROVIDING AN EFFECTIVE DATE.
II. RESOLUTION NO. R2014-57 (WELLINGTON BUDGET)
A RESOLUTION OF WELLINGTON, FLORIDA'S COUNCIL ADOPTING A BUDGET FOR THE VILLAGE OF WELLINGTON FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2014, AND ENDING SEPTEMBER 30, 2015; AND PROVIDING FOR AN EFFECTIVE DATE.
REQUEST: Approval of the proposed fiscal year 2014/2015 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.
...body
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 26, 2014 certified total taxable value of $6.31 billion is used in the millage and ad valorem revenue calculations for the FY 2014/2015 budget. The proposed millage rate of 2.45 mills is 0.05 mills below the preliminary TRIM rate of 2.50 adopted on July 22, 2014, 0.81% lower than the prior year rate of 2.47 mills, and above the rollback rate of 2.2995 mills by 6.54%. The millage rate generates property tax revenues of $14,686,913, which is an increase of $1,184,705 from the FY 2014 property tax revenues.
The proposed budget totals $76.95 million, an increase of $2.49 million due to higher transfers between funds. Excluding transfers, the total budget decreases $70,070. The proposed budget supports existing levels of service while investing in infrastructure and roadway maintenance, neighborhood rev...
Click here for full text