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Council adopts tentative FY27 millage rate of 5.5077; proposed $20.15M budget posted
Summary
City Manager John W. Coffey presented a proposed FY27 general fund budget balanced at $20,150,138 and recommended a tentative millage rate of 5.5077. Council voted 5‑0 to set the tentative rate; staff noted $6+ million of capital projects are grant funded.
City Manager John W. Coffey presented the proposed fiscal year 2027 general fund budget and the recommended tentative millage rate at the July 28 council meeting.
Coffey said the proposed budget is balanced at $20,150,138 and that the recommended tentative millage rate is 5.5077, an amount staff estimates would yield about $247,000 in additional net revenue for recurring expenses and capital projects. "If this millage rate is eventually adopted, IHB homesteaded property owners will see their city taxes go up 2.96%," Coffey said, and gave an example that a homeowner with a taxable assessment of $546,000 would pay roughly $86 more.
The proposed budget includes a 3.25% salary adjustment for employees, an estimated 20% increase in employee health insurance premiums, and about $9 million in capital projects of which roughly $6 million is grant funded. Council discussed fiscal responsibility and public‑safety investments; Deputy Mayor Adam Dyer moved to approve setting the maximum millage rate at 5.5077 and Council member Susan Romy seconded. The motion passed unanimously, 5‑0.
Coffey said the budget and related materials will be posted on the city's website ahead of the first millage‑rate public hearings scheduled for September 1 and that a budget workshop is scheduled for August 11. Staff noted that in accordance with Florida statutes the final adopted millage rate may be lower but cannot be higher than the tentative rate approved tonight.
