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ITEM: SECOND PUBLIC HEARING TO ADOPT THE FY 2018/2019 MILLAGE RATE AND ANNUAL BUDGET FOR WELLINGTON
I. RESOLUTION NO. R2018-52 (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, 2018, AND ENDING SEPTEMBER 30, 2019; AND PROVIDING AN EFFECTIVE DATE.
II. RESOLUTION NO. R2018-53 (WELLINGTON BUDGET)
A RESOLUTION OF WELLINGTON, FLORIDA'S COUNCIL ADOPTING A BUDGET FOR THE VILLAGE OF WELLINGTON FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2018, AND ENDING SEPTEMBER 30, 2019; AND PROVIDING AN EFFECTIVE DATE.
REQUEST: Approval of the proposed Fiscal Year 2018/2019 millage rate, operating and capital budget including balances brought forward. 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 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 and ad valorem revenues for the FY 2018/2019 budget. The proposed millage rate of 2.50 mills was tentatively adopted on September 11, 2018 and is 0.05 mills below the preliminary TRIM rate of 2.55 mills set on July 10, 2018. The tentative 2.50 rate is 7.21% above the rollback rate of 2.33 mills. The proposed millage rate generates property tax revenues of $19.81 million, which is an increase of $1.26 million from FY 2017/2018 property tax revenues.
The proposed budget for all funds totaling $96.84 million maintains funding for all services while reducing total employees, down $13.64 million in capital projects, debt service and General Fund personnel expense.
Council held budget workshops on July 9th and August 13th to discuss the proposed ope...
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