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ITEM: FIRST PUBLIC HEARING FOR PROPOSED FISCAL YEAR 2024-2025 MILLAGE RATE, BUDGET AND ADOPTION OF THE FISCAL YEAR 2024-2025 CAPITAL IMPROVEMENT PLAN
REQUEST: Council tentative approval of the Fiscal Year 2024-2025 proposed millage rate of 2.47 mills and the proposed 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 Section 200.065, Florida Statutes. The second public hearing and adoption is to be held on September 19, 2024.
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EXPLANATION: Section 200.065, Florida Statutes 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 26, 2024 certified total taxable value of $12.54 billion is applied to calculate the millage rate and ad valorem revenue for the FY 2024-2025 budget. The proposed millage rate of 2.47 mills is the same as the preliminary TRIM rate adopted on July 16, 2024 and 8.48% above the rollback rate of 2.28 mills. The proposed millage rate generates property tax revenues of $29.42 million, which is an increase of $2.26 million from the FY 2023-2024 property tax revenue budget.
The proposed expenditure budget for all funds totaling $148.01 million continues Wellington's commitment to stable budgeting for sustainability while meeting residents' needs and local economic challenges. The FY 2024-2025 budget provides funding to maintain exceptional levels of service in road and facility maintenance, recreation programs, special events, community grants, and investment in infrastructure capital improvement. The total budget is proposed at $10.31 million more than the FY 2024 budget of $137.70 million. The increase is attributable to inflationary cost increases, and primarily to the cost of needed Utility capital projects. Use of fund balances totaling $1.34 mi...
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