The Windermere Town Council adopted the proposed tentative millage rate to an increased 3.74 during the town’s Sept. 12 public hearing for the Fiscal Year 2018-19 Budget.
Town leaders first discussed increasing the millage rate, which is an ad valorem tax on the value of a property, during two budget workshops held in July and August.
At the workshops, Town Manager Robert Smith advised council members to increase the rate if from 3.25 to 3.7425 to generate enough revenue to save for future capital projects.
According to budget documents, the town generated $2 million during the 2017-18 budget with a 3.25 tax rate. But if the council decides to keep it at 3.25, the town would generate $2.1 million in property-tax revenue and have only $548 to save for other needed projects, Smith said.
With a rate of 3.7425, however, it’s estimated the town will generate $2.43 million in property-tax revenue. The proposed tentative budget is balanced at 3.7425 and totals $6.2 million.
A final decision on the tax rate and proposed budget will be made during the town’s final budget hearing at 6 p.m. Monday, Sept. 24, at the Windermere Town Hall.
FY 2019 PROPOSED CAPITAL
- Town facilities project: $5,000
- Willows HOA resurfacing: $367,050
- Road reserves: $32,950
- Lake Down Dock: $20,000
- Central Park improvements: $50,000
- Fernwood Park improvements: $50,000
- Park Reserves: $25,000
- Schoolhouse improvements: $20,000
- New canal bridge: $100,000
- Ralroad right-of-way: $20,000
- Bayshore Drive: $45,000
- Park Ave: $25,000
- 7th Ave: $8,625
- Forest St: $2,000
- 8th Ave/Magnolia St: $3,440
- Lake Butler Blvd: $11,955
- 7th Ave between Forest St and Butler Ave: $77,062
- 4th Ave and Magnolia St: $22,908
- 10th Ave and Main St: $44,874
- Town water masterplan: $130,000
- Town water design: $157,000
TOTAL: $1.2 million