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Agenda Item: 6(d) |
Prepared By: Melissa Hinton, Budget Manager |
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Business: Public Hearing |
Department: Finance |
Subject:
Title
Resolution - Adopting the Final FY2025 Budget - Hideaway Beach Special Taxing District - Guillermo Polanco, Director, Finance
Body
BACKGROUND:
This resolution will give approval of the Hideaway Beach Special Taxing District Budget predicated on a fiscal year 2025 millage of 1.6000.
Section 200.065, Florida Statutes, governs the budget adoption process. The Truth in Millage (“TRIM”) statute establishes a detailed timeline and approval process that includes requiring two public hearings held in the month of September and a separate resolution for approval of the annual budget. To comply with the TRIM regulations, City Council is required to take separate actions in a specified order. At the public hearing, the public may speak and ask questions before the Council adopts any measures. Then, before Council adopts a budget, it must first have adopted a millage rate.
FUNDING SOURCE / FISCAL IMPACT: The fiscal year 2025 budget is presented in balance.
PUBLIC NOTICE REQUIREMENTS: Within 15 days after the meeting adoption of the tentative millage and tentative budget. No more than 5 days prior to the hearing and no less than 2 days [200.065 (2)d F.S.]
NOTICE APPEARANCE DATE(S): September 19, 2024
RECOMMENDATION: Conduct the public hearings required by TRIM regulations and approve the resolution finally adopting the budget. The tax levy for the Hideaway Beach Special Taxing District is consistent with voter referendum approval of the District and is required to finance the District’s beach projects.
POTENTIAL MOTION: “I move adoption of Resolution 24-58 approving the final FY2025 budget for the Hideaway Beach Taxing District as outlined and recommended by the Hideaway Beach Special Taxing District Board.”