The FY17 proposed budget is now available on the Town’s website. The total proposed FY2017 town-wide budget including all funds is $159,561,950. The total proposed General Fund operating budget is $75,439,538.
The budget process includes Budget Hearings for public comment on September 13 and September 21 at 5 pm in the Town Council Chambers in Town Hall. A final vote will take place at the September 21 hearing.
According to the Town, highlights from the FY17 budget include:
- Taxable Values in the Town of Palm Beach have increased by 8.65%.
- Proposed millage rate is 3.3530 representing a decrease of .74% from FY16.
- The proposed FY17 millage rate provides no tax increase to homesteaded property owners.
- The proposed FY17 General Fund budget of $75,439,538 represents an increase of 4.9%. The budget increases are due to the following:
- Pension costs increased due to lower investment returns in FY15 and changes in the mortality tables. The Town Manager has recommended that $2.5MM in reserves be transferred to the Town’s Retirement Fund to reduce the unfunded liability. This cost is in addition to the other budget data contained herein.
- Contractual cost increases for lobbying, IT security audit, contractual plan review, HIPPA compliance audit, landfill costs, training and professional development and utility service.
- Depreciation costs for new equipment purchases and a specific increase in the replacement value of 3 fire rescue pumpers.
Increased transfer to the Capital Improvement Fund for underground utility project costs and to build reserves for future capital projects.
- Increased the transfer to the Coastal Protection fund by 3% based on the approved financing plan.
There are no new positions included in the budget. The FY17 budget contains funding for 362.87 FTE positions. The Town is operating with 52.36 positions less than in FY07.