74.5 F
Spring Hill
Wednesday, March 27, 2024
HomeUncategorizedFinal Budget Hearing: Ad valorem tax revenues up, tax rate down

Final Budget Hearing: Ad valorem tax revenues up, tax rate down

- Advertisement -

Hernando County Commissioners passed the final budget for the fiscal year 2021 at the September 22, 2020 final budget hearing.  Three resolutions were passed alongside the budget itself, notably the resolution to adopt a lower millage rate countywide.

The other resolutions that were passed unanimously via a roll-call vote were to adopt millage rates for MSTUs and MSBUs, which are both unchanged.

All commissioners and County Administrator Jeff Rogers thanked Budget Director Stephanie Russ and her staff for the relatively painless process.  Rogers credited better communication between constitutional offers and staff, and individual departments for making sure their funds were properly allocated.  

Chairman John Mitten commented, “If there is one word that brings this entire year, but certainly through the budget process, it’s ‘collaboration’. It’s been demonstrated from everyone, and it’s been mentioned here several times this evening … collaboration and communication, when that occurs, you get the right people around the table communicating, it’s pretty amazing how well things can go.”

- Advertisement -

If you look at this year’s total tax assessment versus last year’s total tax assessment the amount is increasing. Choosing a millage rate that keeps the assessment amount the same is considered the rollback rate, which this year was 9.2126 mils. The proposed aggregated millage rate is 9.4844 which is a 2.95% increase over the rollback rate– meaning more money will be collected this year via taxes. If you look at the tax rate purely in terms of millage rate, the rate is being reduced from last year’s aggregate millage rate of 9.7344.

 

—–

Final budget for FY 2021

$539,978,748

General Fund

$139,729,157

 Special Revenue

$152,821,657

Capital

$19,027,423

Enterprise

$183,637,862

Internal Service

$41,101,477

 

An extra $2,300 was added to the Special Revenue fund because of a change in the Constitutional Gas Tax fund, increasing the tentative budget from $537,678,748 to $539,978,748.

 

An extra $2,300 was added to the Special Revenue fund because of a change in the Constitutional Gas Tax fund, increasing the tentative budget from $537,678,748 to $539,978,748

 

 

RELATED ARTICLES
- Advertisment -

Subscribe to our newsletter

To be updated with all the latest news, offers and special announcements.

You can unsubscribe at any time by clicking the link in the footer of our emails. For information about our privacy practices, please visit our website.
We use Mailchimp as our marketing platform. By clicking to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing.

Most Popular