Special Budget Meeting

BOARD OF COMMISSIONERS TOWN OF REDINGTON SHORES SPECIAL BUDGET MEETING WEDNESDAY, JULY 24, 2024 - 6:00 P.M. AGENDA A. CALL TO ORDER B. PLEDGE OF ALLEGIANCE C. ROLL CALL D. APPEARANCES AND PRESENTATIONS E. OLD BUSINESS F. NEW BUSINESS 1. ADOPTION OF TENTATIVE MILLAGE RATE G. MISCELLANEOUS • WORKSHOP MEETING – WEDNESDAY, JULY 31 – 6:00P.M. • REGULAR MEETING – WEDNESDAY, AUGUST 14 – 6:00PM • BUDGET WORKSHOP MEETING – WEDNESDAY, AUGUST 21 – 6:00PM H. ADJOURNMENT Pursuant to Florida Statutes § 286.0105, if any person or entity decides to appeal any decision made on any matter considered at any meeting or hearing of any Redington Shores Board or Commission, he, she or it will need a record of the proceedings and, for such purpose, he, she or it may need to ensure that a verbatim record of the proceedings is made, which record includes the legal arguments, testimony, and evidence upon which the appeal is to be based.  Town of Redington Shores Memorandum Date: July 24, 2024 To: Mayor and Commission Subject: Tentative Property Tax Millage Rate for FY 2024-2025 Background: Each year, the Town is required to calculate and set an ad valorem millage rate based on the annual taxable values of the properties within the Town. This is an important step in the budgeting process and the main objective of tonight’s meeting. On July 1, 2024, The Pinellas County Property Appraiser’s office sent out the 2024 Preliminary Tax Roll. The Town’s 2024 gross taxable value is $1,176,049,952. This represents an increase of $100,723,391 or 9.37% increase over the prior year. Communication of Budget Process: The Town must notify the Property Appraiser of the current year’s calculated roll-back rate, the proposed millage rate, and the date, time and place of the Town’s first public hearing for setting the tentative millage and adopting the budget. Staff anticipates sending back the completed forms with the required information by Tuesday, July 30, 2024 based on the proposed, tentative millage rate established at this meeting. The Town must hold two public hearings on the millage rate and budget and the Town’s meetings may not be on the same date as that of the County or the School Board. Any change in the meeting time of the first public hearing on the budget will require notice to each Town property taxpayer. Accordingly, Staff recommends that the Commission will establish the public hearings for the millage rate and budget on the following dates and times: ▪ First Public Hearing, Wednesday, September 4, 2024 – 6:00 P.M. ▪ Final Public Hearing, Monday September 16, 2024 – 6:00 P.M. The Town budget hearing dates do not conflict with the meeting dates of the School Board or Pinellas County Commission. Tentative Millage: The proposed, tentative millage rate is important because once it is set, this rate cannot be increased unless each taxpayer is mailed a “Revised Notice of Proposed Property Tax.” The final millage rate cannot exceed the tentatively adopted millage rate, but it can always be lower. The draft of the proposed 2024-2025 budget is being prepared based on the existing millage rate of 1.6896. Using the existing millage rate of 1.6896 and a 96% collection rate, the estimated increase in ad valorem tax revenue is $317,190 more than the budgeted amount for fiscal year 2024. This increase is calculated by comparing the fiscal year 2025 budgeted net ad valorem tax of $1,907,570 with the $1,744,375 budgeted in the prior year. Examples of projected revenues by millage rate at 96% collection rate: a. 1.5532 mill = $1,753,575 net ad valorem revenue – the calculated roll back rate b. 1.6896 mill = $1,907,570 net ad valorem revenue – the existing millage rate c. 1.8326 mill = $2,069,020 net ad valorem revenue – requires a majority vote d. 2.0159 mill = $2,275,965 net ad valorem revenue – 2/3 Commission vote required Rolled Back Millage Rate: The “roll-back” millage rate is defined as the millage rate that would produce the same amount of Ad Valorem revenue as was levied during the prior year, exclusive of new construction, additions and boundary changes. Based upon this year’s gross taxable value, the calculated roll-back rate is 1.5532 mills, which would generate revenues of $1,753,575 at a 96% collection rate, after allowing a 4% discount for early payment. Recommendation: Staff respectfully requests that the Town Commission confirm the dates and times of the public hearings set forth in the attached schedule and set the proposed, tentative millage rate at 1.6896 mills. As previously noted, the final millage rate can be lower but not higher than the proposed, tentative millage rate.  Town of Redington Shores Evaluation of Millage Rate Fiscal Year 2024 - 2025 Calculations Based on Gross Taxable Value: $1,176,049,952 2024 - 2025 Ad Valorem Estimated Collection Millage Rates Revenue Generated Rate: 96% Rolled-Back Rate 1.5532 1,826,641 1,753,575 Existing Rate 1.6896 1,987,054 1,907,570 Majority Vote Required 1.8326 2,155,229 2,069,020 2/3 Vote Required 2.0159 2,370,799 2,275,965 Trend Analysis of Taxable Value: Fiscal Year Taxable Value Dollar Amount Change Percentage Change 2020 - 2021 777,578,567 51,245,570 7.06% 2021 - 2022 846,993,022 69,414,455 8.93% 2022 - 2023 953,544,975 106,551,953 12.58% 2023 - 2024 1,075,326,561 121,781,586 12.77% 2024 - 2025 * 1,176,049,952 100,723,391 9.37% * Taxable value per 2024 tax estimates - 7/1/24  MIKE TWITTY, PINELLAS COUNTY PROPERTY APPRAISER 2024 TAXABLE VALUE BY TAXING AUTHORITY AS OF JULY 01, 2024 2024 PRELIMINARY TAX ROLL 2024 Net 2024 Net 2023 Taxable 2024 Taxable % Change % Change % Change in 2023 Taxable 2024 Taxable % Change 2023 Just Value 2024 Just Value Taxable Value Taxable Value Tangible Value Tangible 2023 Total 2024 Total Real in Total NAME Just Value of Value Real Value Real TPP Tax Real Property Real Property New Value Personal Personal Taxable Value Taxable Value Property Taxable Real Property Property Property Val Construction Annexation Property Property Tax Val Value BELLEAIR 2,059,157,243 2,220,261,503 7.82% 1,177,793,246 1,284,490,229 9,289,327 - 12,730,434 14,131,290 1,190,523,680 1,298,621,519 9.06% 11.00% 9.08% BELLEAIR BEACH 1,372,823,095 1,476,255,152 7.53% 807,684,800 892,927,953 3,396,745 - 2,112,635 2,281,969 809,797,435 895,209,922 10.55% 8.02% 10.55% BELLEAIR BLUFFS 554,188,765 587,097,010 5.94% 339,642,510 376,275,098 1,603,237 - 8,947,832 9,456,884 348,590,342 385,731,982 10.79% 5.69% 10.65% BELLEAIR SHORE 318,660,842 344,972,288 8.26% 238,744,167 256,053,302 (59,696) - 214,375 226,749 238,958,542 256,280,051 7.25% 5.77% 7.25% CLEARWATER 26,636,579,872 28,295,644,002 6.23% 16,265,878,785 17,850,386,976 411,411,438 2,233,710 585,130,421 612,211,283 16,851,009,206 18,462,598,259 9.74% 4.63% 9.56% DUNEDIN 7,788,759,206 8,434,520,946 8.29% 4,052,682,344 4,476,755,877 34,808,549 12,038,147 117,828,986 119,748,112 4,170,511,330 4,596,503,989 10.46% 1.63% 10.21% GULFPORT 2,962,281,860 3,098,079,880 4.58% 1,554,815,082 1,705,749,921 6,943,228 - 14,896,776 16,649,493 1,569,711,858 1,722,399,414 9.71% 11.77% 9.73% INDIAN ROCKS BEACH 3,010,060,547 3,205,982,798 6.51% 1,885,887,712 2,106,066,399 11,401,020 - 8,604,386 9,051,825 1,894,492,098 2,115,118,224 11.68% 5.20% 11.65% INDIAN SHORES 1,987,912,686 2,178,998,886 9.61% 1,469,258,795 1,622,372,461 2,837,578 - 6,442,626 7,669,840 1,475,701,421 1,630,042,301 10.42% 19.05% 10.46% KENNETH CITY 500,737,853 565,008,606 12.84% 255,412,141 290,246,584 5,063,480 - 10,226,245 13,354,303 265,638,386 303,600,887 13.64% 30.59% 14.29% LARGO 11,343,027,424 12,059,149,005 6.31% 7,025,189,806 7,569,458,783 50,587,818 3,741,822 485,556,224 478,278,277 7,510,746,030 8,047,737,060 7.75% -1.50% 7.15% MADEIRA BEACH 3,048,054,310 3,197,620,827 4.91% 2,006,939,856 2,192,281,647 8,753,537 - 20,818,866 20,599,761 2,027,758,722 2,212,881,408 9.24% -1.05% 9.13% N REDINGTON BEACH 1,178,975,857 1,251,313,752 6.14% 778,747,107 850,876,083 4,552,127 - 4,575,662 4,798,444 783,322,769 855,674,527 9.26% 4.87% 9.24% OLDSMAR 2,841,330,881 3,001,027,216 5.62% 1,726,366,603 1,853,174,475 7,604,520 - 268,208,015 240,116,896 1,994,574,618 2,093,291,371 7.35% -10.47% 4.95% PINELLAS PARK 8,341,112,902 8,974,961,898 7.60% 5,154,548,299 5,620,235,453 43,071,641 1,104,032 583,150,797 615,480,454 5,737,699,096 6,235,715,907 9.03% 5.54% 8.68% REDINGTON BEACH 1,183,604,828 1,214,761,430 2.63% 705,688,395 787,842,528 11,514,707 - 39,111,806 41,407,009 744,800,201 829,249,537 11.64% 5.87% 11.34% REDINGTON SHORES 1,648,200,233 1,704,448,287 3.41% 1,063,311,811 1,163,302,865 6,317,847 - 12,014,750 12,747,087 1,075,326,561 1,176,049,952 9.40% 6.10% 9.37% SAFETY HARBOR 3,782,355,015 4,063,560,629 7.43% 1,863,323,173 2,012,559,277 7,932,064 266,290 59,845,888 60,572,321 1,923,169,061 2,073,131,598 8.01% 1.21% 7.80% SEMINOLE 3,614,497,322 3,821,251,558 5.72% 2,081,299,118 2,214,786,432 6,804,678 742,296 74,049,980 79,857,567 2,155,349,098 2,294,643,999 6.41% 7.84% 6.46% SOUTH PASADENA 1,319,177,903 1,346,880,574 2.10% 870,379,616 930,443,004 1,645,509 - 36,439,780 43,425,699 906,819,396 973,868,703 6.90% 19.17% 7.39% ST PETE BEACH 7,127,834,472 7,548,238,377 5.90% 4,682,956,418 5,107,196,691 13,475,127 - 109,401,203 109,298,417 4,792,357,621 5,216,495,108 9.06% -0.09% 8.85% ST PETERSBURG 56,341,169,165 60,701,649,514 7.74% 30,566,771,497 33,889,746,661 912,449,073 - 1,263,734,305 1,371,784,606 31,830,505,802 35,261,531,267 10.87% 8.55% 10.78% TARPON SPRINGS 4,946,693,188 5,305,654,023 7.26% 2,670,221,283 2,919,802,197 35,291,712 815,464 103,831,628 108,887,629 2,774,052,911 3,028,689,826 9.35% 4.87% 9.18% TREASURE ISLAND 4,390,965,746 4,739,122,385 7.93% 2,808,532,119 3,135,589,960 43,290,622 - 21,819,801 22,312,413 2,830,351,920 3,157,902,373 11.65% 2.26% 11.57% NOTE: This tax roll summary is provided in the same format as the annual June 1 tax roll esimates at the request of the taxing authorities, but is not the official tax roll recap. Some values on this report may not balance against the annual Tax Roll Value Data, Parcels & Accounts (DR‐489/DR‐403) recap forms due to centrally assessed property and lands available for ta This report may reflect changes to the tax roll from certification to the report date. When establishing budgets or analyzing the tax roll, please rely on the official tax roll recap forms and the certified tax roll database. Roll recaps and reports are available online at www.pcpao.gov/tools-data/tax-roll/annual-reports