Sebastian committee recommends 3.5455 mill tentative rate after budget review; vote unanimous

The Sebastian Budget Review Advisory Committee on July 21 voted unanimously to recommend a tentative millage rate of 3.5455 to the City of Sebastian City Council after reviewing the fiscal year 2025 second-quarter financial reports and the draft FY2026 budget.

Committee members present recommended the rate by roll call: Terry McGinn, yes; Baker, yes; Garton, yes; Jacob, yes; Middleton, yes; Reid, yes. The committee’s recommendation will be presented to council at its Wednesday meeting for final action and for TRIM (Truth in Millage) notice calculations.

The recommendation followed a detailed staff presentation of the FY2025 Q2 financial report and the draft FY2026 budget. Finance staff said the city’s certified taxable assessed value rose 8.4% (about $193 million), producing a rolled-back rate of 3.0148; staff proposed 3.5455 to balance the draft budget. “Staff requests for the budget committee to recommend to the council the tentative millage for fiscal year 2026 at 3.5455,” staff concluded during the presentation.

Why it matters

Adopting a tentative millage above the rollback rate will increase city property taxes for many homeowners when the final rate is set. Staff told the committee the proposed 3.5455 rate would be advertised on TRIM notices as a 17.6% tax increase over the rollback calculation; using the rollback rate instead would require about $1.3 million from general fund reserves to balance the draft budget.

Key points from the fiscal review and budget presentation

- Revenues and collections: The Q2 report (through March 31, FY25) shows ad valorem and stormwater collections at about 93–94% of budget at that checkpoint, with…