Holmes Beach set its spending plan for 2019-20.
City commissioners unanimously approved ordinances Sept. 24 to establish the 2019-20 budget, including an ordinance levying ad valorem taxes and adopting the second and final reading of the budget for the next fiscal year, which was to begin Oct. 1.
There were no changes to the budget from the first reading, which was approved Sept. 11.
The total 2019-20 budget is $16,967,913, compared with $15,906,032 in 2018-19.
The commission approved a maximum millage rate of 2.25 mills for the 2019-20 fiscal year, amounting to a tax increase for property owners. The adopted millage rate is 6% more than the rollback rate of 2.1226 mills.
The rollback rate is the millage needed to generate the same tax revenue as 2018-19.
Millage is $1 per $1,000 of assessed property value. At 2.25 mills, the ad valorem tax on a property valued at $500,000 would be $1,125. At 2.1226 mills, the property would be taxed $1,061.30.
The total assessed property value for 2019 is $2,101,932,610, as compared with $2,089,205,492 in 2018.
Other sources of city revenue include Swiftmud, WCIND, the county distributed fifth cent gas tax and the state distributed second, fourth and ninth cent gas taxes, as well as a 1/2 cent discretionary tax.
Commissioner Carol Soustek suggested people review their tax bill and read the line item for the tax to be collected for Holmes Beach.
“It’s very small for all that we do,” Soustek said, adding that is why the city turns to the Manatee County Tourist Development Council and grant opportunities for funding. “So we’re not eating up money that could help the community,” she added.
By the numbers
2019-20 adopted budget: $16,967,913.
2018-19 adopted budget: $15,906,032.
2019-20 millage rate: 2.25 mills.
2018-19 millage rate: 2.25 mills.
Tax on a $500,000 property at the adopted millage rate: $1,125.
Total 2018 assessed property value: $2,089,205,492.
Total 2019 assessed property value: $2,101,932,610.