The annual budget process for Fiscal Year 2023 to 2024 formally started on May 2, 2023, when the Town Council held a Budget Workshop and adopted a proposed millage rate of 1.3 at that stage in the process. This proposed millage rate was 29.90% over the rolled back rate of 1.0008 (the millage rate that is estimated to result in the same Ad Valorem revenue next year as in the current year). It's important to note that at this first stage of the process, the estimated assessed property values are not yet provided by the Indian River County Property Appraiser.
Additionally, much of the current fiscal year is still to unfold, including the bulk of hurricane season. Estimates from the Florida Department of Revenue regarding funding to the Town through the state are also not yet available in May. Finally, each step allows the millage rate to be brought down or stay the same, but millage rates cannot be easily increased during the budget process - it's strategic for that reason to start higher than 1 might intend to end up, when much more information is available.
Indeed, on September 11, 2023, the Town Council held a Tentative Budget Hearing and adopted a tentative tax rate equal to the rolled-back rate of 1.0008.
At the Final Budget Hearing of September 18, 2023, the Town Council adopted a final millage of 1.0, which is the rate that will actually be levied. Associated budget details are provided in the tables below.
To calculate the Town taxes on your property, take the assessed value of your Orchid property, divide by 1,000, and multiply by the millage rate.
Please note that the Ad Valorem Taxes are based on 95% of gross taxable values.
The Amended Final Budget was approved by the Town Council on November 19, 2024.
Revenues in Budget for Fiscal Year 2023 to 2024
| Estimated Revenues | General Fund - Adopted Budget | General Fund - Amended Final Budget |
|---|---|---|
| Ad Valorem Taxes | $531,624 | $538,109 |
| Intergovernmental | $191,676 | $1,175,000 |
| Licenses and Permits | $68,000 | $84,900 |
| Interest Earnings | $80,000 | $155,717 |
| Capital Lease Proceeds | N/A | $300,824 |
| Sale of Capital Assets | N/A | $282,000 |
| Other Revenues | $3,900 | $300 |
| Total Sources | $875,200 | $875,200 |
| Fund Balances/Reserves/Net Assets | - | - |
| Total Revenues, Transfers, Reserves & Balances | $875,200 | $875,200 |
Expenditures in Budget for Fiscal Year 2023 to 2024
| Expenditures | General Fund - Adopted Budget | General Fund - Amended Final Budget |
|---|---|---|
| General Government | $660,842 | $600.000 |
| Public Works | $87,650 | $115,000 |
| Capital Outlay - Dune Protection | $0 | $0 |
| Capital Outlay - Lease | N/A | $300,824 |
| Capital Outlay - Other | $67,000 | $52,545 |
| Total Expenditures | $815,492 | $1,068,396 |
| Fund Balances/Reserves/Net Assets | $59,708 | $1,479,166 |
| Total Appropriated Expenditures, Transfers, Reserves & Balances | $875,200 | $2,547,535 |