The town of Longboat Key’s Charter requires a recommended fiscal year budget to be completed and sent to the Longboat Key Town Commission by Aug. 1.
Town Manager Dave Bullock’s Finance Department staff sent the fiscal year 2013-14 recommended budget to commissioners Thursday as required, with a note explaining the budget is incomplete until commissioners make pension decisions and review pension cost numbers at a Aug. 14 special meeting at Town Hall.
“There are factors, such as pension costs, that will remain unknown until after the Aug. 14 special meeting,” wrote Bullock in his budget message. “Therefore, the document presented to you in September is likely to have changed by some of the unknown factors.”
The budget is based on the current millage rate of 1.8872, which would generate $8,594,875, or $214,963 more than last year.
The budget does not require the use of any of the $1 million of General Fund balance set aside for pension costs, but does require approximately $703,000 of the General Fund balance.
But the cost to operate in the next year could rise once actuaries reveal how much is needed annually to pay off the current pension plans.
The town currently has $2.7 million set aside to pay for pension liabilities in the coming year, but that number could be as much as $3.2 million if pension costs are higher than anticipated.
Contact Kurt Schultheis at email@example.com.
Currently 0 Responses
20 Santa Jaws at Mote Aquarium
12:00 pm - 2:00 pm
3 Manatee Audubon -- OPEN HOUSE at Felts Audubon Preserve
8:00 am - 11:00 am
18 Jewels on the Bay Showhouse
10:00 am - 4:00 pm
21 Taste of the Keys & Fashion Show
Pete Cumming: Bell-ringer in chief
Longboat Key Police Chief Pete Cumming took on a shift that didn’t involve police work Tuesday, serving as Salvation Army bell-ringer at Longboat Key Publix.
Turtle T-shirts: Always in season
Need a gift for the turtle-lover in your life?
PHOTO GALLERY: Seaplace holiday party
Seaplace residents celebrated the holidays on Dec. 10.