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ITEM: SECOND PUBLIC HEARING TO ADOPT THE FY 2022/2023 MILLAGE RATE AND ANNUAL BUDGET FOR WELLINGTON
I. RESOLUTION NO. R2022-59 (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, 2022 AND ENDING SEPTEMBER 30, 2023; AND PROVIDING AN EFFECTIVE DATE.
II. RESOLUTION NO. R2022-60 (WELLINGTON BUDGET)
A RESOLUTION OF WELLINGTON, FLORIDA'S COUNCIL ADOPTING A BUDGET FOR THE VILLAGE OF WELLINGTON FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2022 AND ENDING SEPTEMBER 30, 2023; AND PROVIDING AN EFFECTIVE DATE.
REQUEST: Approval of the proposed Fiscal Year 2022/2023 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: 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 tentative 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 worksh...
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