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Oakland approves tentative 6.7 millage, staff tapped $300,000 in reserves to balance budget
Summary
The Town of Oakland commission approved a tentative millage rate of 6.7% and set budget hearing dates for Sept. 9 and Sept. 22 after staff said a finalized county appraisal reduced taxable value and created a near-term budget gap covered by a $300,000 draw from reserves.
The Town of Oakland commission voted to place a tentative millage rate of 6.7% on the next agenda and set tentative and final budget hearings for Sept. 9 and Sept. 22.
Gabby, the town budget presenter, said the change followed a finalized DR-420 from the Orange County property appraiser that lowered the town's taxable value by roughly $11 million. "We are in a deficit of almost 200,000," she said, and added that she had "pulled 300 to offset it and to leave a little bit of a contingency." Commissioner Keller moved to approve the tentative millage; the motion passed by voice vote.
The presenter told commissioners the 6.7 millage is the starting base for TRIM purposes and can be adjusted before the tentative hearing but urged caution because changing millage close to TRIM deadlines shortens the window for administration and property appraisers to process changes. The commission approved the hearing dates by motion and voice vote.
Staff said that after the $300,000 withdrawal auditors' figures place reserves at about $3.7 million, roughly 33% of expenditures (about four months of operating expenditures). Gabby said she would continue to monitor revenues and recommend changes before the final hearing if necessary.
The commission also approved routine consent items earlier in the meeting; Vice Mayor Satterfield attended by Zoom but did not participate in votes.
