Town recommends using $389,675 to balance budget

Longboat Key Town Manager Dave Bullock proposes using $389,675 of general fund balance in fiscal year 2015-16 to keep the millage rate flat.

The recommended budget calls for a general fund of $16,324,777, an increase of 8.4%, or $1,265,511 over the previous year’s general fund budget of $15,058,716.

Total proposed budgeted expenditures, excluding capital outlay, are $15,600,438, an increase of $761,722, or 5.13% more than the fiscal year 2014-15 adopted budget.

The increase in spending is attributed to one-time costs associated with the pending retirement of seven firefighter/paramedics in 2016 and the cost of hiring replacements three months ahead of schedule for training purposes, which will cost the town $200,526. Other notable spending increases include increases in pension contributions ($199,042) and contractual wage and merit-based wage increases ($214,800).

Bullock points out that even with the use of general fund money to balance the budget, the town will maintain 92 days of fund balance.

A 5.33% increase in property values generated an additional $504,051 in additional ad valorem revenue at the current millage rate of 2.1763 mills.

The budget also includes projects that include $1.1 million for Bayfront Park renovations, $500,000 for the feasibility and planning of canal dredging, more than $23 million worth of beach projects and the replacement of an outdated Town Hall computer system that’s budgeted for $300,000.

The Longboat Key Town Commission will approve the budget on second reading at a special meeting 5:01 p.m. Sept. 28. 

Contact Kurt Schultheis at [email protected].