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ITEM: FIRST PUBLIC HEARING FOR PROPOSED FISCAL YEAR 2021/2022 MILLAGE RATE, BUDGET AND ADOPTION OF THE FISCAL YEAR 2021/2022 CAPITAL IMPROVEMENT PLAN
REQUEST: Council approval of the proposed Fiscal Year 2021/2022 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 28, 2021.
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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 24, 2021 certified total taxable value of $9.30 billion is applied to calculate the millage rate and ad valorem revenue for the FY 2021/2022 budget. The proposed millage rate of 2.47 mills is the same as the preliminary TRIM rate adopted on July 13, 2021 and 4.53% above the rollback rate of 2.36 mills. The proposed millage rate generates property tax revenues of $21.82 million, which is an increase of $958,000 from FY 2020/2021 property tax revenues.
The proposed budget for all funds totaling $133.25 million provides funding for existing levels of service, maintenance of added facilities, and investment in capital improvement projects. The total budget is proposed at $31.67 million more than the FY 2021 budget of $101.58 million.
Council held budget workshops on July 12th and August 9th to discuss the proposed operating and capital budgets, and adopted the annual budgets for Acme, Water/Wastewater Utilities, Solid Waste and the Professional Centre on August 10th, 2021. Staff now presents a balanced budget for the governmental funds, excluding Acme and balances brought forward totaling $88.26 million, an increase of $24.95 million from the prior year.
The first public hearing includes tent...
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