Revenue resolutions top Cape Council agenda Monday
City Council’s meeting agenda on Monday is loaded with votes on resolutions associated with the Fiscal Year 2017 budget, followed by a report from the Budget Review Committee.
Ten resolutions will adopt the assessment rates for such annual services as commercial and residential solid waste removal, lot mowing, potable and wastewater collection costs, fire protection assessment and stormwater user fees.
The Budget Review Committee’s report will include a recommendation to adopt the “rollback” millage rate of 6.5702 and maintain the Fire Service Assessment recovery rate at 64 percent. The Public Service Tax will remain at 7 percent.
City Manager John Szerlag’s original budget proposal for 2017 included a millage reduction of .207 from the 2016 rate of 6.957. Using the “rollback” rate will push the millage reduction to .387 below the 2016 figure.
The “rollback” rate set by the Lee County Property Appraiser is the rate that will generate the same amount of revenue for the city as the previous year, taking into account the city’s increased property values.
Szerlag’s budget proposal has reached a total of nearly $670 million, of which nearly $195 million lands in the General Fund that includes ad valorem taxes as its main revenue source to be used for police, fire, public works, parks, planning, community development and administrative services.
The Public Service Tax rate at 7 percent and the Fire Service Assessment cost recovery rate at 64 percent will bring the city estimated revenues of $7.6 million and $21.8 million, respectively.
The Budget Review Committee also continues to support budget practices such as prudent use of reserves and maintaining undesignated reserves at a minimum of two months of operating expenses. It recommends continued revenue diversification alternatives, debt management to raise the city’s bond ratings, refinancing older debt at lower rates and cash purchases of capital equipment.
The committee encourages increasing the marketing and travel budgets for the Economic Development Office to attract new commercial development to the city.
The meeting is scheduled to start at 4:30 p.m. in Council Chambers at City Hall.