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Agenda Item: 6(b) |
Prepared By: Melissa Hinton, Budget Manager |
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Business: Public Hearing |
Department: Finance |
Subject:
Title
Resolution - Adopting the Tentative FY2027 Budget - City of Marco Island - Melissa Hinton, Budget Manager, Finance Department
Body
BACKGROUND:
This is the second of the required resolutions in the budget adoption process, providing for tentative approval of the City budget. The budget is presented as a separate document for consideration by City Council.
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 the requirement for two public hearings held in the month of September and separate actions for approval of annual budgets. To comply with the TRIM regulations, City Council is required to take separate actions in a specified order. First, 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.
Capital Improvement Plan:
The Capital Improvement Plan is presented with new and existing infrastructure projects from both the Capital Fund and Water Sewer Fund totaling approximately $6.9 million which are fully funded using existing funds from the General Fund, Water Sewer Fund and existing projects. These projects include annual bridge rehabilitation, street resurfacing, citywide drainage, generator replacement and SWF lakes interconnect improvements.
Capital Equipment Replacement Plan:
The Capital Equipment Replacement Plan is presented with existing projects from both the Capital Fund and Water Sewer Fund totaling approximately $4.4 million which are fully funded using existing funds from the General Fund and Water Sewer Fund. These projects include vehicles, IT equipment replacement, Fire equipment, Police and Code equipment, City Hall and Annex Facility maintenance and Water Sewer maintenance items.
FUNDING SOURCE / FISCAL IMPACT: The fiscal year 2027 budget is presented in balance. The operating budget as submitted is balanced using a millage rate of 1.2670 mils.
RECOMMENDATION: Conduct public hearings required by TRIM regulations and approve the resolution tentatively adopting the City budget.
POTENTIAL MOTION: “I move adoption of Resolution 26-44 approving the tentative Fiscal Year 2027 budget for the City of Marco Island, exclusive of dependent taxing districts.”