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ITEM: SECOND PUBLIC HEARING TO ADOPT THE FY 2023/2024 MILLAGE RATE AND ANNUAL BUDGET FOR WELLINGTON
I. RESOLUTION NO. R2023-58 (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, 2023 AND ENDING SEPTEMBER 30, 2024; AND PROVIDING AN EFFECTIVE DATE.
II. RESOLUTION NO. R2023-59 (WELLINGTON BUDGET)
A RESOLUTION OF WELLINGTON, FLORIDA'S COUNCIL ADOPTING A BUDGET FOR THE VILLAGE OF WELLINGTON FOR THE FISCAL YEAR COMMENCING OCTOBER 1, 2023 AND ENDING SEPTEMBER 30, 2024; AND PROVIDING AN EFFECTIVE DATE.
REQUEST: Approval of the proposed Fiscal Year 2023/2024 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 27, 2023 certified total taxable value of $11.58 billion is applied to calculate the millage rate and ad valorem revenue for the FY 2023/2024 budget. The proposed millage rate of 2.47 mills is the same as the preliminary TRIM rate adopted on July 11, 2023 and 11.15% above the rollback rate of 2.22 mills. The proposed millage rate generates property tax revenues of $27.16 million, which is an increase of $2.74 million from FY 2022/2023 property tax revenues.
The proposed expenditure budget of $137.70 million for all funds continues Wellington's commitment to stable budgeting for sustainability while meeting local economic challenges. The FY 2023/2024 provides funding to maintain exceptional levels of service and maintenance, added recreation and event funding, community grants, and investment in facility capital improvement...
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