Updated town budget lowers millage rate, increases revenue, expenses

The latest budget report from Longboat Key Town Manager Howard Tipton included slight changes to the previously workshopped budget, including a reduction in the millage rate and an increase in revenue and expenses. 

On Aug. 1, Tipton sent commissioners the updated report which included the final recommended budget for fiscal year 2024. 

At the June 30 regular meeting, the commission approved Tipton’s recommendation to set the maximum millage rate at 1.9900. In the latest budget notice, Tipton reduced the millage rate to 1.9850. 

"Between June and July, ad valorem revenues were increased $43,940 based on the July 1 certified values. I am now recommending a reduction of the mill rate to 1.9850 which will make the difference an increase of $3,840," wrote Tipton.

Non-ad valorem revenues increased $270,462 (net increase: $36,828).

Anticipated expenditures increased by $70,330, including $25,000 for insurance, $967 for support services and $44,363 for personnel expenses. Those personnel expenses are due to changes in compensation plans, including reductions in health insurance and vacation payouts, Tipton wrote.

The memo stated some changes may be necessary prior to the September budget hearing.

The first public hearing of the fiscal year 2024 budget will be held on Sept. 11 at 5:01 p.m., followed by a second hearing on Sept. 26 to set the mill rate and formally adopt the budget.