Bradenton Beach has a budget for the upcoming fiscal year.
And city property owners face a tax increase.
City commissioners voted 4-0 Sept. 10 to adopt a $8,326,959 budget and 2.3329 millage rate for the 2020-21 fiscal year, which begins Oct. 1.
Commissioner Jan Vosburgh was absent with excuse.
The new spending plan is $2,811,698 higher than the current year’s budget, largely due to $4.62 million of state-funded improvement projects, including more underground utilities added to Gulf Drive and improvements to stormwater drainage.
While the city’s spending will increase, revenues are planned to rise to the challenge.
The city projects $8,392,828 in revenue over the next fiscal year, resulting in a $65,869 surplus.
The city’s taxable property value increased from $650,221,930 in 2019 to $691,333,870 in 2020.
Millage is $1 per $1,000 of assessed property value, so the owner of a $500,000 property would pay $1,166.45 in ad valorem tax at 2.3329 mills. The proposed rate is set to earn the city $1,612,812.78.
At the rollback rate of 2.2112 mills, the rate needed to produce the same revenue as the current year, a $500,000 property cost the owner $1,105.60 and result in $1,528,677.45 total ad valorem income for the city.
The city also budgeted $45,241 for the Tingley Memorial Library for next year.
Around $406,190 remained in the library bequeath as of Sept. 8, according to city treasurer Shayne Thompson.
A budget also was set for the community redevelopment agency.
CRA members voted 5-0 Sept. 10 to adopt a $2,535,197 budget headlined by a $2,223,500 slate of capital projects.
CRA members Ed Chiles and Vosburgh were absent with excuse.
The agency’s spending plan, which is $130,822 less than this year, includes $675,000 for seagrass mitigation and dredging in Sarasota Bay, $400,000 to bury utilities along district roadways and $300,000 for finger docks to expand capacity at the Historic Bridge Street Pier’s floating dock.
Other budgeted capital projects include $205,000 for new Bridge Street streetlights, $53,000 to install a boat lift at the pier and $83,500 to fund a pilot program for a tram service to transport people between Coquina Beach and Bridge Street.
The rest of the budget is rounded out by $294,197 for general expenses, administration, law enforcement, planning and roadways.
With $1,255,959 in projected revenue and $1,400,000 in funds set to carry over from this year, the CRA projects unbudgeted funds of $120,762.
The CRA plans call for $1,255,959 in revenue, including $417,970 from the incremental tax collected by Manatee County, $500,000 in state appropriations for seagrass mitigation and $228,000 granted from the West Coast Inland Navigation District. With around $1,400,000 set to carry over, the CRA budget tops out at $2,655,959 in 2020-21.
Bradenton Beach by the numbers
2020-21 city budget: $8,326,959.
2019-20 city budget: $5,515,261.
2020-21 CRA budget: $2,535,197.
2019-20 CRA budget: $2,666,019.
2019 assessed property value: $650,221,930.
2020 assessed property value: $691,333,870.
About the CRA
The Bradenton Beach Community Redevelopment Agency funds capital improvement projects to promote restoration, growth and tourism for the district, which is bordered by Cortez Road, Sarasota Bay, Fifth Street South and the Gulf of Mexico.
The CRA funds the projects with incremental tax revenue collected by Manatee County since 1992, when the area was declared blighted.
The agency includes the mayor, city commissioners and two appointed members, restaurateur Ed Chiles and resident David Bell.