...title
ITEM: FIRST PUBLIC HEARING FOR PROPOSED FISCAL YEAR 2021/2022 MILLAGE RATE, BUDGET AND ADOPTION OF THE FISCAL YEAR 2022/2023 CAPITAL IMPROVEMENT PLAN
REQUEST: Council approval of the proposed Fiscal Year 2022/2023 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 21, 2022.
...body
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 28, 2022 certified total taxable value of $10.41 billion is applied to calculate the millage rate and ad valorem revenue for the FY 2022/2023 budget. The proposed millage rate of 2.47 mills is the same as the preliminary TRIM rate adopted on July 12, 2022 and 12.02% above the rollback rate of 2.21 mills. The proposed millage rate generates property tax revenues of $24.42 million, which is an increase of $2.6 million from FY 2021/2022 property tax revenues.
The proposed budget for all funds totaling $128.55 million and provides funding to maintain existing levels of service, maintenance of facilities, added recreation and event funding, community grants, and investment in capital improvement projects. The total budget is proposed at $5.39 million less than the FY 2022 budget of $133.94 million.
Council held budget workshops on July 11th and August 8th 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 9th, 2022. Staff now presents a balanced budget for the governmental funds, excluding Acme and balances brought forward totaling $83.03 million, a decrease of $5.93 million fr...
Click here for full text