- June 4, 2022
Town Commissioners on Monday afternoon approved for the final time the town’s budget for the 2019-2020 fiscal year.
Commissioners approved the budget and millage rates by votes of 7-0 in a special meeting and public hearing, called to order a minute after 5 p.m. to conform to state laws regarding budget public hearings and votes. No members of the public spoke on the topic.
The fiscal year begins Oct. 1.
Town property owners will again be taxed at a base millage rate of 2.1144, unchanged since the 2017-2018 budget. Additionally, a millage rate of .0596 is set aside for debt service on funds related to the reconstruction of the town’s south fire station and renovation of the north fire station. Beach Erosion Control District A will pay at a millage rate of .6181 and District B will pay a millage rate of .1545.
Overall, District A will pay a total millage rate of 2.7921, District B will pay a total rate of 2.3285. Because of a decline in the beach rates, the aggregate rates are fractionally lower.
One mill is equal to $1 in tax for every $1,000 of taxable value on a property. For a property with a taxable value of $500,000, the total millage rate for District A results in a tax of $1,396.05. In District B, that result is $1,164.25. The island's total value of taxable property is about $6.1 billion.
The budget provides for general fund spending of $17,260,304, which is a 4.84% increase in spending from the previous fiscal year.
Among the highlights of the budget, including the general fund, special revenue funds, capital project funds and beyond: continuation of the town’s project to bury underground utility cables and establish an underground digital backbone for the town; a new aerial ladder truck and ambulance for the fire department, replacement of the Town Hall generator, site prep and permitting for the Town Center outdoor venue and initial financing for pickleball expansion.
Since June, town officials have been revising estimates and now project an opening reserve fund balance of $9.2 million, which will fall to $8.8 million by the end of the 2020 fiscal year, still more than double the town’s target.