SUBJECT/RECOMMENDATION:
Title
Approve the fiscal year 2022/23 Annual Capital Improvement Budget, establish a six-year plan for the Capital Improvement Program (CIP), and pass Ordinance 9616-22 on first reading.
Body
SUMMARY:
In accordance with Chapter 200 of the Florida Statutes and the rules governing Truth in Millage (TRIM) compliance, the City Council must hold two public hearing to adopt the final budget. The adoption of this ordinance and the related ordinances adopting the 2022/23 millage rate and operating budget are an integral part of fulfilling these requirements.
On June 30, 2022, the City Manager provided the City Council with a Preliminary Annual Operating and Capital Improvement Budget that outlined estimates of revenues and expenditures for the 2022/23 fiscal year. The City Manager presented the preliminary budget at the City Council meeting on July 21, 2022, for Council discussion and citizen input. In addition, a Special Budget Work Session was held on August 4, 2022, for Council discussion of the proposed budget.
On September 1, 2022, the City Council directed staff to bring forward a reduced millage rate of 5.8850 mills for final adoption. In response to this direction the following changes have been made to the preliminary capital improvement budget and are included in the ordinance for adoption of the capital improvement budget.
• The road millage funding in the Streets and Sidewalks project is being reduced by $50,000 due to the reduction of the millage rate.
• The General Fund revenue transferred to the Streets and Sidewalks project is being reduced by $200,000 as part of budget reductions required in response to the reduced millage rate. The preliminary budget included $900,000 of General Fund revenue annually, this will be reduced to $700,000 in each year of the 6-year plan.