The Longboat Key Town Commission approved its 2013-14 fiscal year budget, along with a millage rate of 2.0760 that’s 10% higher than last year’s rate of 1.8872 at a special meeting this evening.
One mill is equal to $1 for every 1,0000 of assessed valuation. For a Longboat Key taxpayer with a $500,000 home, the increase amounts to $94.20.
Hideaway Bay resident Philip Tyson spoke against the tax hike, telling the commission he has had to dig into his savings, assets and retirement over the past five years.
“I don’t go out any more and buy prime steak,” Tyson said. “I buy chuck steak.”
But commissioners told Tyson the increase was largely the result of rising pension costs, including the town’s unfunded liability for its three pension plans that now totals approximately $28 million.
“These pension costs aren’t going away, and we have beach renourishment coming before us,” Commissioner Jack Duncan said.
For more information, pick up a Sept. 26 copy of the Longboat Observer.
Contact Robin Hartill at email@example.com.