The latest Key numbers are more than one percentage point greater than town staff originally estimated.
The Manatee County end of Longboat Key outpaced the Sarasota County side in terms of property value increases this year, with a combined 4.5% jump over the previous year for both sides. Now the town may have to use less of its fund balance to make up for proposed spending.
South end values rose 3.98%, while the homes and condominiums in Manatee County grew in value by 5.9% With municipal staff’s conservative estimates set at 3% during a Town Commission budget workshop March 18, the new figures results in more than $162,000 in additional revenues, according to a May 27 memo from Town Manager Dave Bullock.
Those savings mean the town won’t have to dip as far into its fund balance to meet the gulf between estimated expenditures and revenues in Fiscal 2016-2017. The latest budget report proposes drawing $223,651 from the fund balance, which is about 42% less than the $390,000 commissioners considered March 18.
That report also recommends maintaining the millage rate at 2.1300.
With the town’s contract with the International Association of Fire Fighters Local 2546 awaiting a decision from commissioners June 6, there are no changes to the $16.3 million personnel, capital outlay and operating spending presented last month.
“We are continuing to look for additional reductions to expenditures at this time,” Bullock wrote in the memo.