M E M O R A N D U M
To: Honorable Mayor and Town Council
From: Rafael G. Casals, Town Manager
Date: August 20, 2014
Re: Fiscal Year 2014-15 Proposed Budget (2nd Council Budget Workshop)Title
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Please find attached the updated preliminary Fiscal Year 2014-15 proposed budget, which includes the changes to both revenues and expenditures and items discussed during our July 23rd Council Budget Workshop. The preliminary Fiscal Year 2014-15 Budget is based on a millage rate of 2.5702 mills (the rate currently in effect). Even though the Council adopted a higher "ceiling" rate of 2.7202 mills for TRIM advertisement purposes (via Resolution 14-53), Town staff worked under the premise of "holding the millage rate steady" when developing the preliminary Fiscal Year 2014-15 budget.
Fiscal Year 2013-14 Projected Revenues
Based on some additional "actual" revenues that were posted since our July 23rd Council Budget Workshop, or of which the Town has been notified of, the revised projected Fiscal Year 2013-14 Revenues are as follows (net decrease of $59,000):
* Ad valorem increased $100,000
* Utility Tax increased $200,000
* 1/2-cent Sales Tax increased $100,000
* Revenue Sharing increased $50,000
* Franchise Fees decreased $309,000 (FPL Franchise Fee issue)
* Building Permits decreased $200,000
Fiscal Year 2014-15 Revenues
Based on some changes to State of Florida Department of Revenue estimates and projections noted above, and pending grants that were awarded to the Town, Town staff revised the Fiscal Year 2014-15 revenue budget as follows (net decrease of $56,350):
* Utility Tax increased $200,000
* Slight increase to Communications Tax and Revenue Sharing
* Franchise Fee decreased $350,000 (FPL Franchise Fee issue)
* Business Tax/Burglar Alarms/Solid Waste increased $35,000
* Fines and Forfeitures decreased $25,000
* Rentals from Tenants increased $50,000
* State Forestry Grant awarded/added for $15,000
* Byrn...
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