CEPD approves tentative budget; millage rate
The Captiva Erosion Prevention District approved its tentative budget and millage rate during its first budget hearing last Thursday.
Chairman Michael Mullins began the meeting by sharing information about the tax rate. He said even though the board had approved going with a 17 percent increase, as the maximum they could go with, they decided against the increase.
“The fact that we are under budget and the fact that we did over a 40 percent increase last year for a variety of reasons with adding in sea level rise and building up our reserves for the next nourishment project, we decided we had sufficient money there. Again given COVID-19 and the impact on businesses, people and so on, we didn’t think it was the right year to go with a large number,” Mullins said. “At the budget meeting we discussed it and decided we wanted to go with a 3.22 percent.”
The millage rate for the 3.22 percent is .43295.
Mullins read the resolution, which included “the gross taxable value for operating purposes not exempt from taxation within Lee County has been certified by the county property appraiser to the Captiva Erosion Prevention District as $1,508,437,106.”
The commissioners approved the tentative operating millage rate of .4395 mills, which is greater than the roll back rate of .4258 mills by 3.22 percent.
One mill is equal to $1,000 of taxable assessed property valuation.
The commissioners then adopted their tentative budget for fiscal year 2020/2021 of $662,959.
On Sept. 21 a final budget hearing will be held.