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ITEM: FIRST PUBLIC HEARING FOR PROPOSED FISCAL YEAR 2014/2015 BUDGET AND ADOPTION OF THE FY 2014/2015 CAPITAL IMPROVEMENT PLAN
REQUEST:
I. Council approval of the proposed fiscal year 2014/2015 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 FS Chapter 200.065. The second public hearing and adoption will be held on September 23, 2014.
II. Approval of the FY 2014/2015 Capital Improvement Plan and Resolution No. R2014-52 for Budget Amendment #2014-073 for completed and amended projects.
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EXPLANATION: I. 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 2.46 mills is .04 mills below the preliminary TRIM rate of 2.50 mills adopted on July 22nd, 0.40% lower than the prior year rate of 2.47 mills and above the rollback rate of 2.2995 mills by 6.98%. The millage rate generates property tax revenues of $14,746,859 which is an increase of $1,244,652 from FY 2014 property tax revenues.
The proposed budget totals $77.05 million for all funds, an increase of $2.59 million due to higher transfers between funds. Excluding transfers, the total budget increases $25,430. The proposed budget supports existing levels of service while investing in continued infrastructure and roadway maintenance, neighborhood revitalization and public safety.
Council held budget workshops on July 7th and August 25th to discuss the proposed operating and capital budgets, and adopted the annual budgets for Solid Waste Collection and Water/Wastewater Utilities on August 12, 2014. Th...
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