Submitted by Suanne Z. Thamm
Reporter – News Analyst
July 27, 2016 10:00 a.m.
The Fernandina Beach City Commission (FBCC) held a Special Meeting on July 26, 2016 as required by law to set the tentative millage rate for the next Fiscal Year that begins on October 1, 2016. By unanimous vote of all five commissioners, the FBCC set the rate at 6.0682 mills, which is 4.10 percent higher than the roll-back rate of 5.8294 mills. The tentative debt service millage rate for FY2016/17 was set at 0.2362 mills, resulting in a combined millage rate of 6.3044 mills.
This rate will generate $10,937,700 in property tax revenues, assuming receipt of 96 percent of the levied amount. The City’s Fund Balance Policy per Resolution 2012-128 establishes 20 percent as the minimum for the General Fund’s unrestricted, uncommitted, or unassigned balance. Another portion of the General Fund Reserve is restricted per Florida Statutes 553.8(7), and may only be used for expenditures related to the Building and Permitting functions.
The commissioners also set the dates and times for two public budget workshops in August: August 9 at 6:00 p.m. and August 16 at 4:30 p.m. Both meetings will be held in City of Fernandina Beach Commission Chambers, 204 Ash Street, Fernandina Beach, FL. The City Manager and the City Comptroller will hold individual meetings with each commissioner to address specific concerns of commissioners prior to the public meetings.
The tentative millage rate may decrease but cannot increase following the July 26 FBCC approval.
The anticipated unrestricted, uncommitted, or unassigned reserve for the fiscal year ending September 30, 2017 is budgeted to be 20.3 percent. The total reserve, including the restricted portion, is anticipated to be 25.6 percent.