The Longboat Key Town Commission received a preliminary budget this week that holds the millage rate at 1.8872. If the commission adopts the millage rate, this will be the fourth consecutive year in which the town’s millage rate hasn’t changed.
Town staff prepared the preliminary budget based on an estimated 2.1% increase in property values — the first time since 2008 that assessed value has increased. The increase will boost revenues by $171,919 for the town based on the current millage rate.
But at the same time, other revenues are down. Electric franchise fees are down approximately $75,000 due to mild winter weather; miscellaneous revenues are down by approximately $203,000 because of interest reductions and sale of fixed assets.
The preliminary budget doesn’t include cost of living adjustments (COLAs) or merit increases for town employees.
It notes that the upcoming year will be one of significant change for the town’s pension program because both the firefighter and general employee pension plans will freeze, and general employees enrolled in those plans will transition to defined-contribution accounts, while firefighters will enroll in the Florida Retirement System (FRS) plan.
The town won’t know its required contribution for pensions until later this month. The town preliminary budget uses an estimate of $2.7 million for pension contributions, which could increase or decrease.
For more information, pick up a June 6 copy of the Longboat Observer.
Contact Robin Hartill at email@example.com.