The "Southwest Florida Water Management District's(Southwest Florida Water Management District)":/ "Governing Board(Governing Board)":/about/governingboard Tuesday adopted its fiscal year 2012 millage rate and budget.
The Governing Board adopted a FY2012 millage rate of 0.3928 mill, taking into account the merger of the budgets of the District's eight Basin Boards into the Governing Board, and the $107.8 million cap on ad valorem property tax collections passed by the Florida Legislature. This millage rate combined with continued reductions in property values throughout the District results in a $57.4 million reduction in ad valorem tax revenue from FY2011. FY2012 will run from Oct. 1, 2011, through Sept. 30, 2012.
The total FY2012 budget for the District is $155.5 million, 44.4 percent lower than the adopted budget for FY2011, which was $279.8 million. The $124.3 million decrease in the budget is primarily due to the $57.4 million reduction in ad valorem revenue and a $34 million reduction in balances from prior years.
In addition to the ad valorem revenue reduction, state funding was reduced $28.9 million due to the elimination of all Florida Forever and Water Management Lands Trust Fund funding. Other reductions include a $1.7 million reduction in local funding and a $2 million reduction in interest on investments.
The Governing Board merged the budgets of the District's eight Basin Boards into the Governing Board in May. The merger was implemented to increase efficiency of operations and reduce costs, and is projected to save $350,000 to $400,000 annually.
With the merger of the budgets of the District's eight Basin Boards into the Governing Board, most homeowners will see a reduction on their property tax bills. Property tax bills previously contained a line for the District's general fund, and a line for one of the Basin Boards, as the Basin Boards had their own taxing authority. Homeowners will now see only one line for the District's general fund. The exception is for properties located in the Green Swamp Basin that had no separate basin millage.
The Governing Board adopted a FY2012 millage rate of 0.3928 mill, taking into account the merger of the budgets of the District's eight Basin Boards into the Governing Board, and the $107.8 million cap on ad valorem property tax collections passed by the Florida Legislature. This millage rate combined with continued reductions in property values throughout the District results in a $57.4 million reduction in ad valorem tax revenue from FY2011. FY2012 will run from Oct. 1, 2011, through Sept. 30, 2012.
The total FY2012 budget for the District is $155.5 million, 44.4 percent lower than the adopted budget for FY2011, which was $279.8 million. The $124.3 million decrease in the budget is primarily due to the $57.4 million reduction in ad valorem revenue and a $34 million reduction in balances from prior years.
In addition to the ad valorem revenue reduction, state funding was reduced $28.9 million due to the elimination of all Florida Forever and Water Management Lands Trust Fund funding. Other reductions include a $1.7 million reduction in local funding and a $2 million reduction in interest on investments.
The Governing Board merged the budgets of the District's eight Basin Boards into the Governing Board in May. The merger was implemented to increase efficiency of operations and reduce costs, and is projected to save $350,000 to $400,000 annually.
With the merger of the budgets of the District's eight Basin Boards into the Governing Board, most homeowners will see a reduction on their property tax bills. Property tax bills previously contained a line for the District's general fund, and a line for one of the Basin Boards, as the Basin Boards had their own taxing authority. Homeowners will now see only one line for the District's general fund. The exception is for properties located in the Green Swamp Basin that had no separate basin millage.