Tweaks made to Longboat’s final recommended budget for FY25

Longboat Key Town Manager Howard Tipton and the town’s Finance Department submitted a final recommended budget to town commissioners on Aug. 1 ahead of the first budget hearing in September. 

In the recent memo, Tipton outlined some minor changes to the budget since the commission last met in June. Some fund balance uses have been tweaked, along with some changes in town revenue. 

Tipton also mentioned the town’s first Digital Budget Book, which was a yearlong endeavor for the Finance Department. This digital tool helps staff and residents see the budget in a reader-friendly and transparent format.

When the commission last met on June 28 before their summer recess, staff presented the July 1 certified values, which came in at 10.25% higher than the previous year, which caused an increase in tax revenue by $1,580,544 while using the current millage rate of 1.9600. 

Town commissioners also voted on June 28 to set the maximum millage at 1.9600.

Since the last budget workshop on June 17, there have been some changes throughout the General Fund. 

Ad valorem revenues increased by $99,528 based on the July 1 values, according to Tipton’s memo, and non-ad valorem revenues increased by $282,372.

Staff previously included a canal dredging millage in the preliminary budget to gain $500,000 to kickstart the canal dredging program. However, commission opposition to the millage led to the removal of the millage, thus causing a reduction of $500,000 in the General Fund. 

To account for not having the canal millage in place, staff reduced the transfer out to the Capital Fund by $500,000. This was based on the commission’s instruction to use current surplus funds to continue the canal dredging program development. 

Personnel costs decreased slightly, including a $34,400 decrease in health insurance costs due to lower renewal rates. Staff also reduced the pedestrian crossing guard subsidy by $5,000 and other minor personnel costs were reduced by $14,350. 

Some expenses that were previously cut were restored, like $35,000 for a complete redesign of the town’s website. 

Overall, the use of the General Fund balance was reduced from $1,886,774 to $1,508,552. 

In the Miscellaneous Capital Projects Fund, a $15,000 expense was added to purchase a town drone, and the cost of perimeter lighting at the Bayfront Park dog park was taken out. That’s because the town was able to use $16,910 of donated funds for the project, Tipton said in his memo. 

Though there were some changes in revenues, Tipton said some estimates were not yet available from the state, including the Communication Services Tax, Local Discretionary Sales Surtaxes and the Gas Tax revenues. For the time being, the town used its own estimates and anticipated further changes before budget adaptation in September. 

Before the first budget reading on Sept. 9, Tipton said staff expects to update all accounts for estimated tax revenues, update open project carryover balances and update special assessment revenues from the undergrounding project if necessary. 

The next budget meetings will be held on Sept. 9 starting with a final special workshop for discussion of the budget at 10 a.m. Then, at 1 p.m., will be the certification of the annual assessment rolls for both the Neighborhood and Gulf of Mexico Drive Utilities Undergrounding Projects. 

At 5:01 p.m. on Sept. 9, the Town Commission will hold the first reading and public hearing for the fiscal year 2025 budget.