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ITEM: FIRST PUBLIC HEARING FOR PROPOSED FISCAL YEAR 2018/2019 MILLAGE RATE, BUDGET AND ADOPTION OF THE FY 2018/2019 CAPITAL IMPROVEMENT PLAN
REQUEST: Council approval of the proposed fiscal year 2018/2019 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 25, 2018.
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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 27, 2018 certified total taxable value of $8.34 billion is applied to calculate the millage rate and ad valorem revenue for the FY 2018/2019 budget. The proposed millage rate of 2.55 mills is the same as the preliminary TRIM rate adopted on July 10, 2018 and 9.36% above the rollback rate of 2.33 mills. The proposed millage rate generates property tax revenues of $20.20 million, which is an increase of $1.65 million from FY 2017/2018 property tax revenues.
The proposed budget for all funds totaling $97.28 million maintains funding for existing levels of service with a decrease of $13.20 million due to debt service reduction and utility capital improvement projects budgeted in the prior fiscal year.
Council held budget workshops on July 9th and August 13th 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 14, 2018. Staff presents a balanced budget for the governmental funds, excluding Acme and balances brought forward, totaling $61.98 million, a decrease of $3.24 million over the prior year.
The proposed budget includes:
* A recommended Capital Improvement Plan totaling $17...
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