No public comment was heard during Islamorada Village Council’s second and final budget hearing on Sept. 21. As a result, council members unanimously approved a spending plan for fiscal year 2020-21.
A millage rate of 3.015 mills was set for the next fiscal year that begins Oct. 1. That’s down from the 2019-20 adopted millage rate of 3.2. Taxable value in the village saw an increase of about $2 million from the prior year to $3.9 billion.
Maria Bassett, finance director and interim acting manager, told council members that no changes were made to the budget from their first budget meeting on Sept. 10. General fund expenditures for the 2020-21 fiscal year total $14,836,450. Around $6.8 million in spending is within public safety, and just over $4.5 million for general government, which is for village administration, finance, code compliance, communications and planning and development services.
The unassigned fund balance is about $6.3 million, and that works out to be roughly 40% of budgeted expenditures. Between the coronavirus pandemic and future storm potentials, council was comfortable with going to the rolled-back rate with more money heading to the fund balance.
Capital project expenditures for the coming fiscal year total $2.6 million. One of the main activities coming out of the capital projects fund is hazard mitigation projects thanks to funding of just over $1 million from FEMA’s Hazard Mitigation Grant Program. Enterprise fund expenditures total $12.5 million, of which $7.2 million is debt service for wastewater.
Between ad valorem taxes, fees and other service charges, revenues total around $15.7 million. Of that amount, around $11.5 million comes from ad valorem taxes.
For council members, it was the last time they’d be working on a village budget. Mayor Mike Forster and councilman Jim Mooney are seeking other offices in this year’s November general election. Vice Mayor Deb Gillis is terming out, while councilman Chris Sante isn’t running for re-election.
Two virtual meetings of council are set for Oct. 1 and Oct. 22. After that, a new council enters.
“It’s been a privilege working the last six years with everybody,” Mooney said.
