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ITEM: FIRST PUBLIC HEARING FOR PROPOSED FISCAL YEAR 2016/2017 BUDGET AND ADOPTION OF THE FY 2016/2017 CAPITAL IMPROVEMENT PLAN
REQUEST: Council approval of the proposed fiscal year 2016/2017 operating and capital budget including balances brought forward and restoration of the Emergency Reserve fund to $3 million. 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 27, 2016.
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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 29, 2016 certified total taxable value of $7.49 billion is used in the millage and ad valorem revenue calculations for the FY 2016/2017 budget. The proposed millage rate of 2.44 mills is the same as the preliminary TRIM rate of 2.44 mills adopted on July 12, 2016 and 6.69% above the rollback rate of 2.28 mills. The proposed millage rate generates property tax revenues of $17.37 million, which is an increase of $1.21 million from FY 2015/2016 property tax revenues.
The proposed budget for all funds totaling $89.54 million maintains funding for existing levels of service with an increase of $4.09 million primarily for governmental facility, roadway and utility maintenance programs.
Council held budget workshops on July 11th and August 8th to discuss the proposed operating and capital budgets, and adopted the annual budgets for Acme, Professional Centre, Solid Waste Collection and Water/Wastewater Utilities on August 9, 2016. Staff presents a balanced budget for the governmental funds, excluding Acme and balances brought forward, totaling $58,856,065, an increase of $1.43 million over the prior year.
The proposed budget includes:
* A recommended Capital Improvement Plan totaling $1...
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