By Katina Caraganis New Pelican Writer Wilton Manors - City commissioners approved the final budget and operating millage rate on Sept. 24.
The 2024-2025 budget has an ad valorem operating millage rate of 6.4196 mills, an increase of 10 percent over the current rate of 5.8360 and 20.33 percent over the rolled-back millage rate of 5.3352. The debt service millage rate for the 2008 City Hall Bond Debt has decreased from 0.1929 to 0.1782, a reduction of 0.0147 mills.
The overall millage rate, combining the operating and debt service rates, will increase 9.4 percent to 6.5978. Ad Commission adopts 9.4 percent increase in millage rate; Law Enforcement Forfeiture donations approved valorem revenues are budgeted at $14,276,097, an increase of $2,291,607 over 2023-2024.
The fiscal impact for a single family homeowner with a taxable value of $337,000 with a Save Our Homes homestead exemption will see an annual increase of $254, or $21 monthly. The fiscal impact for a single family home without the homestead exemption with an average taxable value of $655,000 will see an annual increase of $727, or $61 monthly. A condo owner with Save Our Homes valued at $144,149 will pay $109 more than currently. For a condo without the exemption valued at $217,929 the annual increase will be $242.
Greg Coffelt, a member of the Financial Advisory Board, suggested the city take a different approach to compiling the budget next year. He suggested that in advance of the staff’s preparation of the budget commissioners should discuss where they would like the millage rate to be, and ultimately cap the percentage the millage rate can increase. With that done, department heads should draft their budgets with that percentage in mind so the commission will not have to make drastic cuts.
Commissioner Chris Caputo said staff’s work is not done. “I know it was very difficult to pull this budget together. I just want to make sure again, the commission had great suggestions on budget cuts, as did the public. I know there are many that were integrated into this. I know there are some still outstanding that don’t in any way delay the approval of this budget. I want to make sure we come back and look at them to try and save money.”
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