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ITEM: SECOND PUBLIC HEARING TO ADOPT THE FY 2016/2017 MILLAGE RATE AND ANNUAL BUDGET FOR WELLINGTON
I. RESOLUTION NO. R2016-67 (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, 2016, AND ENDING SEPTEMBER 30, 2017; AND PROVIDING AN EFFECTIVE DATE.
II. RESOLUTION NO. R2016-68 (WELLINGTON BUDGET)
A RESOLUTION OF WELLINGTON, FLORIDA'S COUNCIL ADOPTING A BUDGET FOR THE VILLAGE OF WELLINGTON FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2016, AND ENDING SEPTEMBER 30, 2017; AND PROVIDING FOR AN EFFECTIVE DATE.
REQUEST: Approval of Resolution No. R2016-67 adopting the millage rate and Resolution No. R2016-68 adopting the Fiscal Year 2016/2017 budget as presented and authorization for staff to make the necessary accounting entries to complete reallocation of prior year operating and capital balances.
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.
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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 for investment in public safety, governmental facility and roadway...
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