Agenda Item: 6(b)
Prepared By: Melissa Hinton, Budget Manager
Business: Public Hearing
Department: Finance
Subject:
Title
Resolution - Adopting the Tentative FY2025 Budget - City of Marco Island - Guillermo Polanco, Director, Finance
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 Projects Fund:
The Capital Improvement Projects Funds is presented with new capital projects totaling approximately $13 million which are fully funded using existing funds from existing projects, grants, impact fees and monies from the One Cent Fund including flood remediation on South Barfield Drive, exfiltration swales and the Smokehouse Creek Bridge rehabilitation.
Water & Sewer Fund:
Water & Sewer Fund is presented with budgeted revenues based on projected water and sewer sales for fiscal year 2025, with no allowance for potential changes in usage due to weather, conservation, or other factors.
FUNDING SOURCE / FISCAL IMPACT: The fiscal year 2025 budget is presented in balance. The operating budget as submitted is balanced using a millage rate of 1.2400 mils.
RECOMMENDATION: Conduct public hearings required by TRIM regulations and approve the resolution tentatively adopting...
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