Bradenton Beach budget hearing set
Bradenton Beach city commissioners will hold a hearing at 7 p.m. Wednesday, Sept. 9, on a proposed 2009-10 budget that would levy the same tax rate as this year.
Commissioners in July voted to tap reserves to deal with a projected decline in revenue in the next fiscal year, which begins Oct. 1.
The commission also voted to set its tentative millage rate at 2.1539 mills, the same as this year’s rate. The city could have adopted the higher rollback rate for taxes, which is 2.304 mills.
A mill is $1 for every $1,000 of assessed value of property less any exemptions.
At the meeting in July, city clerk Nora Idso said the proposed budget was “one of the hardest budgets that I’ve ever had to put together.”
If the city levies the tentative 2.1539 millage rate, the local tax on a $400,000 home, without taking exemptions into account, would be $861.56.
At this point in the budget adoption process, the millage rate can be lowered, but not raised.
The preliminary budget’s revenue forecast is for $2,719,975 in revenue compared to $2,973,296 in revenue this year.
Revenue declines are expected in property tax collections, stormwater fees, licenses and permits, court fines and interest earnings. Property tax collections are expected to fall from $1,278,776 this year to $1,070,800 in the next fiscal year.
With the decline in revenues, the preliminary budget also shows a decline in expenditures, from $3,152,125 this year to $2,795,096 in the new fiscal year.
The city plans to use $75,121 from the general fund reserves to make up the deficit between the projected revenues and expenditures next year.
The city also turned to its reserves for $75,000 in funding this fiscal year.
The hearing will take place at city hall, 107 Gulf Drive N.