City budget passes, millage rate lowest since 1993
The Sanibel City budget for the year 2016 will stand at $56,039,603, which is a $15,700 increase from the tentative budget, with the final millage rate at 1.9139.
The voted debt service millage rates include: .2026 for Sewer Voter Debt; .0761 for Land Acquisition Voted Debt and .1179 for Recreation Center Voted Debt.
Mayor Kevin Ruane noted the budget reflects a 23.4 percent decrease over the last 10 years, while the millage rate of 1.9139 is the lowest it has been since 1993. The peak came in 2007 when it stood at 2.5000.
“The most astounding number is the amount of debt which has been retired,” Mayor Ruane said. “We have had a 44-percent decrease in debt.”
The budget is less than the 2015 budget, which was $57,695,375.
The increase of $15,700 from the last tentative budget, was due to the funding of the reconstruction of the electrical building in the Ballfield Maintenance fund. The total cost is a three-way split between the City of Sanibel, Lee County and the Lee County School Board. Lee County nor the Lee County School Board has not committed to their share, as of yet.
The debt has been decreasing annually, with the governmental outstanding debt going from $14,797,902 in 2005 to $9,365,000 in 2014.
The sewer fund outstanding debt in 2005 was $48,785,528 and in 2014 stood at $23,533,341.
Total Long Term Liabilities were at $70,840,274 in 2005 and at $43,989,209 in 2014.