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 firstname.lastname@example.org.
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