On May 6, in a meeting starting at 9 a.m. at Town Hall, the Town Council will take up the budget for Fiscal Year 2026-2027. This is the first time the Town Council formally considers the budget for the next fiscal year, which will start on October 1, 2026.
The purpose is to adopt a proposed millage rate, or property tax rate, which will be published on the annual TRIM Notices to property owners in August. It establishes for all intents and purposes the maximum millage rate that can be adopted for Fiscal Year 2026-2027. For that reason and because October is still a long way away, it is prudent to set the proposed millage rate at a more elevated level than may be anticipated to be necessary, in order to enjoy flexibility in September, when the rate can be lowered over the course of two public hearings, if circumstances are favorable. It is only the final millage rate that is actually applied by the Indian River County Tax Collector for the levy of local property taxes. The public is urged to participate at every stage of the budget process. Because the community is highly seasonal, residents are encouraged to engage with the process early and to reach out to Town Hall, and the Town Council, with questions and input.
Orchid’s first budget review is annually scheduled very early to accommodate that highly seasonal nature of the Town’s population. The current year’s financials are a good starting point for next fiscal year’s budget, but, with five months remaining, many current year revenues and expenses are still to be realized. In addition, updated taxable property values from the Indian River County Property Appraiser and estimated state revenues from the Florida Department of Revenue are not yet available. This means that current budget worksheets are based on a variety of assumptions at this point in the process. More reliable revenue and expense figures will be used at the September budget hearings.
Should you be interested in the budget worksheets, reach out to Town Hall for assistance!