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Council sets tentative millage at 6.5255% and advances FY2025 budget to final hearing
Summary
The Fort Myers City Council voted to advertise a mid-point millage rate of 6.5255 and adopted a tentative FY2025 operating budget of $172.6 million, moving both to a final public hearing on Sept. 16, 2024. Staff warned that planned borrowings for the Police Headquarters and other projects will pressure reserves in later years.
The City Council voted to set the tentative millage rate at 6.5255 and moved the FY2025 tentative operating budget to a final public hearing on Sept. 16, 2024.
Director Kenny presented a budget overview and the millage options — current 6.6999, advertised 6.65, and rollback 6.3510 — and recommended the mid-point rate of 6.5255. Following the presentation, Council member Burson moved to accept 6.5255 (seconded by Council member Vaughn); the chair announced "no opposition" and the motion carried. "We advertise today's public hearing in an advertised rate of 6.65... we can do as high as 6.65 or as low as a full rollback at 6.3510," Director Kenny said while recommending the midpoint.
The council also voted to adopt a tentative city operating budget for FY2025 totaling $172,600,000, an increase of 6.6% from the adopted FY2024 budget. Director Kenny told the council the budget is structurally balanced and that reserve use in FY2025 (about $3.5 million) is strictly for one-time capital projects. Kenny gave an estimated unassigned reserve balance of $40.7 million as of 09/30/2024 and said, "that gets us for that percentage to be 21.6%."
The council will hear final public testimony and act on the millage and budget at a final public hearing on 09/16/2024.
