On May 4, the Town Council will hold the annual Budget Workshop, which will be the first time the Town Council considers the budget for the next fiscal year, which will start on October 1. The purpose of the workshop is to adopt a Proposed Millage rate, which will be evaluated again in September at the Tentative Budget Hearing and then at the Final Budget Hearing about a week later.
The Budget Workshop is also when the dates for those 2 September hearings are set also, which may not take place on the same days as those selected for the School District’s and Indian River County’s budget hearings.
Due to the early timing of Orchid’s budget workshop to accommodate the seasonal nature of the Town’s population, this budget has been developed without updated assessed property values from the Indian River County Property Appraiser’s Office and without the estimated state revenues from the Florida Department of Revenue.
The current year also has many months in it yet, most of which are in hurricane season, with revenues and expenses still to be realized.
It is for these reasons that the budget worksheets are based on a variety of assumptions pertaining to current year and next year’s projected revenues and expenses. More specific revenue and expense figures will be available by the September Tentative and Final Budget Hearings.
The adoption of the Proposed Millage, as well as the adoption in September of the Tentative and Final Millages and Budgets, must be achieved pursuant to the Truth in Millage procedures as outlined in Chapter 200 of the Florida Statutes. Failure to comply in even a small way carries consequences that are best avoided.
An important provision is that the Proposed Millage sets the maximum millage level that can be adopted in September, if the Town is to avoid a potentially costly and time-consuming process. Therefore, it is highly recommended to set the Proposed Millage rate at a more elevated level than is anticipated to be necessary, in order to enjoy flexibility in September, when much more about the budget and the Town’s circumstances further in the year is known, and at which time it may turn out to be prudent to maintain a rate that earlier in the year appeared elevated.
Of course, the Town Council can decrease the Final Millage Rate to the then actually most appropriate level should financial and environmental circumstances be favorable, as is, of course, desirable.
The workshop is open to the public, and per the agenda, a public hearing will be held as part of setting the Proposed Millage Rate.