Longboat Key taxpayers must brace for tax increases in fiscal year 2015 to balance the town’s operating budget, cover declining revenues and pay for beach restoration projects and rising pension costs.
Rising property values for the second year in a row helped town staff, for the most part, create a balanced budget for the new fiscal year that begins Oct. 1. But Town Manager Dave Bullock says a tax increase is still needed to offset rising expenditures and looming pension debt.
Bullock is recommending an operating millage rate of 2.1763 mills, which is a .1003 millage increase over the current rate of 2.0760 mills. Bullock is also seeking beach millage increases to begin paying for a beach project taxpayers approved two years ago.
The millage rate increases will result in taxpayers being charged an additional $954,397 in overall taxes when compared to a year ago.
For more information, pick up a copy of the Aug. 7 Longboat Observer.
Contact Kurt Schultheis at [email protected].