Islamorada Village Council members convening for the first budget hearing on Sept. 10 approved a tentative millage rate of 2.7231, which would generate a little more than $20 million in property taxes.
The village would collect roughly 9% more in property tax revenue for the 2027 fiscal year compared to last year. Property values in the village increased by roughly $500 million this year, bringing the total taxable value to $7.5 billion.
Between day-to-day operations, enterprise operations, capital projects and debt service, the village is anticipating spending $67 million in the fiscal year that begins Oct. 1. Public safety and village government functions are estimated to spend a little over $26 million.
Enterprise operations, such as the marina, stormwater and wastewater, are looking to spend $25.1 million in the coming fiscal year. These operations pay for expenses using revenues from fees collected from users, not property tax. The village is expected to spend some $9.5 million on capital projects, which includes a canal restoration of $2.6 million and $1 million to replace a fire engine. The village has set aside a little over $15 million for its fund balance and reserves.
As part of discussions among the council and staff, the proposed spending plan includes a 3% cost-of-living adjustment and up to 3% raise based on performance.
While the millage rate received a unanimous vote from the council, the proposed spending plan passed with a 3-2 vote. Vice Mayor Sharon Mahoney and Councilwoman Deb Gillis voted no.
A second and final budget hearing initially set for Sept 17 was moved to Monday, Sept 21 at 5:30 p.m. at the Founders Park Community Center.
