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City of Sarasota Commission sets reduced preliminary millage rate
Francesco Abbruzzino, The Uncensored Report, LLC
City of Sarasota, FL: The City Commission reduced the millage rate Tuesday for a second consecutive year following extensive review of the proposed Fiscal Year 2022-23 budget. The approved preliminary operating millage is a rate of 3.0000 mills.
The preliminary rate is a reduction from last year’s rate of 3.1372 mills. With the reduced 3.0000 millage rate, property taxes will be lower than if the rate remained unchanged.
“This proposed budget is fiscally responsible and positions the City well,” said City Manager Marlon Brown. “It takes into consideration inflation and associated cost increases such as fuel prices, while providing relief to homeowners and continuing a high level of service to our community. Our professional staff worked diligently to present a responsible, balanced budget that reflects the community’s priorities. I would like to acknowledge and thank the City Commission for their thoughtful deliberations in setting the tentative millage.”
The proposed Fiscal Year 2022-23 budget provides enhanced levels of service for street maintenance, traffic lights, solid waste collection, stormwater maintenance, cyber security and special events, and starts paying down the Bobby Jones Golf Club renovation debt. The proposed budget also maintains the same high level of service and public safety with 190 sworn Sarasota Police officers, ten added within the current calendar year.
The City’s pension plans are healthy with low unfunded liabilities. The closed firefighters plan and general employees pension plans are funded at 98% and 76.7% respectively, while the police officers pension is 91.3% funded.
“Because of the tough decisions made by this City Commission and past commissions, the City is fiscally sound,” said City Manager Brown. “The pension plans are well funded. We continue to have a very good bond rating and healthy fund balance.”
The budget plans for a fund balance of 32.3% – well above the recommended 17%-25% for local governments – to cover several months of City operations in the event of a disaster or emergency. A separate economic stabilization fund also exists in case of a severe economic downtown.
The assessed value of property increased citywide by 17.85% this year, based on the July 1 estimate by the Sarasota County Property Appraiser. Values in the Newtown Community Redevelopment Area increased 16.06% and values in the Tax Increment Financing (TIF) district for The Bay increased 40.39%.
When considering a 3.0000 operating millage rate and debt service, the annual tax bill for a home with a $400,000 taxable value would be lowered by $67.60 without any exemptions.
Two public hearings on the proposed budget are scheduled:
- Tuesday, Sept. 6: 6 p.m.
- Monday, Sept. 19: 5:30 p.m.
The proposed budget is available on the City’s website: www.SarasotaFL.gov.
The preliminary millage rate will be transmitted to the Sarasota County Property Appraiser, which will compile all proposed millage rates for individual properties and issue a TRIM (Truth in Millage) notice later this summer. Taxing authorities, including the City of Sarasota, cannot raise preliminary millage rates once they are established; however, rates can be lowered prior to adoption.
For more information, contact Finance Director Kelly Strickland at 941-263-6416.