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ITEM: FIRST PUBLIC HEARING FOR PROPOSED FISCAL YEAR 2019/2020 MILLAGE RATE, BUDGET AND ADOPTION OF THE FISCAL YEAR 2019/2020 CAPITAL IMPROVEMENT PLAN
REQUEST: Council approval of the proposed fiscal year 2019/2020 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 24, 2019.
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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, 2019 certified total taxable value of $8.69 billion is applied to calculate the millage rate and ad valorem revenue for the FY 2019/2020 budget. The proposed millage rate of 2.48 mills is the same as the preliminary TRIM rate adopted on July 9, 2019 and 3.28% above the rollback rate of 2.40 mills. The proposed millage rate generates property tax revenues of $20.46 million, which is an increase of $817,000 from FY 2018/2019 property tax revenues.
The proposed budget for all funds totaling $106.27 million maintains funding for existing levels of service with an increase of $9.43 million due to debt service on utility loans, utility capital projects and higher funding for building permitting and inspections resulting from permit activity.
Council held budget workshops on July 8th and August 13th to discuss the proposed operating and capital budgets, and adopted the annual budgets for Acme, the Professional Centre, Solid Waste Collection and the Water/Wastewater Utilities on August 13, 2019. Staff presents a balanced budget for the governmental funds, excluding Acme and balances brought forward, totaling $66.85 million, an increase of $5.31 million over the prior year.
The proposed budget inc...
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