PALMETTO -- Palmetto commissioners passed a $24.1 million budget for the 2014-15 fiscal year during Monday's commission meeting.
The meeting was the second of two public hearings required to adopt the budget, which goes into effect Oct. 1, and to set the final millage rate at 5.7171, the same rate as last fiscal year. A mill is $1 for every $1,000 of assessed property value.
While the millage rate did not increase, property taxes across the city rose an average of 4 percent from rising home values, increasing property tax revenue projections for the coming fiscal year.
Increased property tax revenues combined with the final millage rate means the city could have lowered the millage rate 2.29 percent to duplicate the 2013-14 property tax level. Without the rollback, according to state statute, the adopted millage is considered a tax increase.
Additional revenue created by higher property values and other sources led to a 6.5 percent increase in the overall city budget, including a $9.7 million operating budget.
In other news, Palmetto officials adjourned from an early workshop to readjourn at the Riverside Park boat ramp where city officials dodged raindrops to officially celebrate a groundbreaking of the soon-to-be renovated boat ramps that will feature an additional ramp, new docks, landscaping and a revamped parking lot.
The project will cost less than $1 million funded largely through grants from the Southwest Florida Management District and West Coast Inland Navigation District.
Mark Young, Herald urban affairs reporter can be reached at 941-745-7041 or follow him on Twitter@urbanmark2014.