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Agenda Item: 4(b) |
Prepared By: David Harden |
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Business: Public Hearing |
Department: Executive |
Subject:
Title
Resolution Adopting the Final FY2020 Budget - City of Marco Island
Body
BACKGROUND:
This is the second of the required resolutions in the budget adoption process, providing for final 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.
Water & Sewer Fund:
Water & Sewer Fund is presented with budgeted revenues based on projected water and sewer sales for fiscal year 2019 and a 2% decrease to the surcharge, with no allowance for potential changes in usage due to weather, conservation, or other factors. However, the reopening of the Hilton and the JW Marriott expansion have been taken into account.
FUNDING SOURCE / FISCAL IMPACT: The fiscal year 2020 budget is presented in balance. The operating budget as submitted is balanced using a millage rate of 1.8057 mils.
RECOMMENDATION: Conduct public hearings required by TRIM regulations and approve the resolution finally adopting the City budget.
POTENTIAL MOTION: “I move adoption of Resolution 19-37 approving the final Fiscal Year 2020 budget for the City of Marco Island, exclusive of dependent taxing districts.”