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ITEM: FIRST PUBLIC HEARING FOR PROPOSED FISCAL YEAR 2025-2026 MILLAGE RATE, BUDGET AND ADOPTION OF THE FISCAL YEAR 2025-2026 CAPITAL IMPROVEMENT PLAN
REQUEST: Council tentative approval of the Fiscal Year 2025-2026 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 Florida Statutes Chapter 200.065. The second public hearing and adoption is to be held on September 18, 2025.
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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 26, 2025 certified total taxable value of $13.29 billion is applied to calculate the millage rate and ad valorem revenue for the FY 2025-2026 budget. The proposed millage rate of 2.47 mills is the same as the preliminary TRIM rate adopted on June 24, 2025 and 6.36% above the rollback rate of 2.32 mills. The proposed millage rate generates property tax revenues of $31.19 million, which is an increase of $1.77 million from the FY 2024-2025 ad valorem property tax revenue budget.
The proposed expenditure budget for all funds totaling $155.89 million continues Wellington's commitment to budgeting for sustainability while meeting residents' needs and local economic challenges. The FY 2025-2026 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 $6.93 million more than the FY 2025 budget of $148.96 million. The increase is attributable to inflationary cost increases, and services of expanded facilities. Use of fund balances totaling $6.98 million is required to ba...
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