Lake Wales finance director previews balanced budget, proposes 8.0462 millage rate

Finance Director Dorothy told the commission that despite late state revenue-sharing receipts the city is “able to maintain” a balanced budget and reserves as it completes its annual budget process. She said the draft book was distributed in late July and revised during an August workshop.

Dorothy said, “In this budget, the millage rate is 8.0462,” and added that the rollback rate would have been 7.5304. She also noted that the Community Redevelopment Agency (CRA) was required by statute to adopt its budget before the city can adopt its portion that includes CRA funding. The TRIM-required notice will be read at the commission meeting next Wednesday and the commission must approve the millage before approving the budget.

Why it matters: the millage and final budget adoption set property-tax revenue available to city services for the coming fiscal year. Dorothy said the city expects to end the year with sufficient reserve balances. The transcript did not include a final adopted millage or date for budget adoption; those decisions are scheduled for the next commission meeting.