WILDWOOD, FL (352today.com) – The Wildwood City Commission (WCC) approved its fiscal year 2024 budget which will lower the millage rate and increase the city staff.
On Monday night, the commission voted unanimously to adopt a $258.5 million budget and a rollback millage rate of 2.8287 for the new fiscal year which begins October 1.
The commission says the new millage rate reflects a decrease of 5.7% and is the lowest in the city’s history.
It is expected to produce $16.4 million in revenue from ad valorem taxes, a 28.5% increase. Ad valorem taxes, which are linked to real property in the city of Wildwood, are the largest source of revenue in the general fund. The more a city receives in ad valorem taxes each year increases the possibility of the millage rate going down. Last year’s 3.0 millage rate produced $12.8 million in revenue.
According to the city of Wildwood, it is the sixth straight fiscal year that the city’s millage rate has gone down.
So, how is the city able to lower the millage rate yet bring in more revenue? The commission says it’s largely a result of new annexations and development within the city.
In a letter to the mayor and commissioners, City Manager Jason McHugh says development in The Villages is the city’s main economic driver and anticipates it will be for the foreseeable future. According to McHugh, The Villages built an average of 134 news homes each month from July 1, 2022, to June 30, 2022. McHugh says he expects that number will rise to about 300 per month when the developer transitions out of Leesburg and back into Wildwood.
McHugh points to two new town centers being built – Eastport Town Center and Middlton Town Center – as the source of new investment and economic activity.
“The pool of new, developed property in the city has fueled substantial gains in taxable values recently,” said McHugh in the document. “According to the Sumter County Property Appraiser, the taxable value in the city has increased by nearly $4.4 billion from four years ago. FY 24 (fiscal year 2024) will see an increase of over $1.5 billion from the previous year, and the taxable value of the properties within the city limits is estimated at $6,039,335,812.”
With the 2024 budget, the city also plans to add 17 staff positions to help provide services for the growing community. The city also plans to reorganize some positions as part of consolidating the utilities and public works departments into one “to realize greater efficiencies.”
The city says the budget also includes implementing projects such as a new wastewater treatment plant, replacing a public parking lot with a garage in support of businesses located downtown, water line replacements/upgrades, and pavement maintenance.
In a Facebook post the city says, “The budget centers around the city’s 2023-2027 strategic plan and its six strategic goals of community engagement, transportation, affordable housing, downtown redevelopment, infrastructure, and employee recruitment/retainment.”
If you want to see the entire budget, you can visit the city’s website here.