The Town Council held the final budget hearing on the evening of September 19 to discuss the millage rate and budget for the upcoming fiscal year, which will start on October 1.
The Town Council set a tentative millage rate of 1.1 mills, which is 0.3 mills lower than the millage rate for the current fiscal year and 15.47% lower than the rolled-back rate of 1.3013.
The rolled-back rate is the millage rate that would provide the same Ad Valorem Tax revenue for the Town as was levied during the current year.
Over the course of the budget process, which formally started in May, the Town Council discussed in great detail the Town's financial health, its level of reserves, its current responsibilities, and its priorities for the future. 1 such priority is the streamlining of the Building Department via a digital process. The Town Council also recently voted to lower building permit fees. And it eliminated the burden of annual business tax receipts.
Another subject was the allocation of the American Rescue Plan Act funding received by the Town. The first portion of those funds is planned to be used in the upcoming year for the cost of providing residential trash collection, which fits the bill of being a general government service that benefits the entire community. It also supports public health and safety. On the subject of public safety, the Town Council also budgeted funds for the painting of the Town's streetlights along all the roads within the community to ensure not just that they're looking their best, but that they continue to be resilient to the harsh Florida circumstances they face, including salty air, intense sunshine, and heavy rains.
Regarding the Town's reserves, the Town Council discussed the escalating cost of beach repair projects and the appropriate Reserve Target to place the Town in the best financial position to be able to swiftly and fully respond to a severe coastal event. The Town Council this month adopted an updated Fund Balance & Reserve Policy to reflect changes in the Town's responsibilities since the previous policy was put in place in 2011.
To calculate the impact on your property taxes, the formula is as follows: (your property's assessed value divided by 1000) multiplied by the millage rate of 1.1. The Town's tax rate is only 1 of the millage rates applied to your Orchid property, as the county, school district, and special districts also levy property taxes.
For more information about the annual budget and millage setting process, please feel free to contact Town Hall. The budgets for this year and years prior are provided online. The Town Council uses detailed worksheets to aid its decision-making, and copies are available upon request.