Summary
To: Mayor Gary H. Katica & Commissioners
From: JP Murphy
Date: 9/13/2017
______________________________________________________________________
Subject:
Title
Second Budget Hearing - Approval of Resolution 2017-20, Adopting the Fiscal Year 2017-2018 Town Budget
Summary:
This is the second and final public hearing for the adoption of the Fiscal Year 2017-2018 Budget. Due to Hurricane Irma, staff will distribute the final budget to the commission on Monday. There are a few revisions due to the distribution of the 3% increases for staff and the addition of the revenue and expenditure lines related to Hurricane Irma.
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Body
Previous Commission Action: The Town Commission approved a maximum millage preliminary rate of 5.9257 for the town and reviewed the budget in August, and subsequently reviewed the proposed budget at the August 24th workshop. The First Budget Hearing was held on September 5, 2017.
Background/Problem Discussion:
GENERAL FUND
Revenues
Ad Valorem revenues have increased 8.125% for the upcoming year, which equates to an increase of $256,250. Communication Services Tax has increased by $11,850 as compared to last year's budget, totaling $178,300. State Revenue Sharing saw a minor increase of $1,950, while State Sales Tax has a larger increase of $3,250.
As part of the new construction associated with the Golf Course, building permit revenue has increased by $75,000, bringing this year's total to $375,000. Once this construction finishes, Staff expects the decrease of revenue to be replaced with an increase of Ad Valorem.
Miscellaneous revenue increased by $14,700.
The staff has rectified any sort of structural imbalances within the revenue of this budget by halting transfers from reserves. This prevents the Town's reserves from depleting entirely but also created a large hole in the general revenue.
Expenditures
Overall expenditure impacts across all funds include a health insurance increase of 7% and a salary enhancement o...
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