Lantana’s budget comes with no big surprises, with a tax rate of $3.75 for every $1,000 of taxable value for the fifth consecutive year. The Town Council formally adopted the budget after a final public hearing on Sept. 17.
The $3.75 rate necessary to fund the town’s newly approved $19.1 million general fund budget is 6.2% above the “no new taxes” rollback rate of $3.53 per $1,000.
Though the rate is the same, the town expects that will provide $495,000 more in property tax revenue in the fiscal year that began Oct. 1 because property values are higher. “While property values have increased, the budget continues to take a conservative approach, with a planned use of $300,000 in building permit reserves to balance the general fund,” Finance Director Stephen Kaplan said.
The general fund covers the cost of the town’s day-to-day operations, supported by property tax revenues.
In developing the town’s overall $32.4 million budget, officials used the council’s long-term priorities. Some of those are maintaining infrastructure, continuing beautification projects, promoting responsible development, attracting and retaining valuable employees, attracting businesses to Ocean Avenue, resuming dune restoration, supporting the library, and enhancing public safety.
“We use them because for the most part, they really work well,” Town Manager Brian Raducci said of the priorities.
Raducci said the town is aware of future potential headwinds, such as Florida’s Amendment 3 on the November ballot that would significantly reduce property taxes coming from homesteaded properties if approved by 60% of voters.
“We’ve taken steps to manage costs including reducing our property casualty general liability trust expenses by approximately $150,000, and with Amendment 3’s uncertainty are addressing staff levels through attrition where appropriate.”
Kaplan said utility rates will increase 4% and the water and sewer fund is being balanced with the planned use of $1.4 million from reserves.
The budget includes $551,000 in capital spending in the general fund that will go toward town improvements, fund the town library and pay for police equipment. Also included in the budget is a 3.3% cost-of-living adjustment for employees and a merit increase of up to 4%.
— Mary Thurwachter
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