The Atlantic Beach City Commission is set to take a historic vote to lower the ad valorem tax rate to the rollback rate Sept. 25.
At its meeting on Wednesday, Sept. 13, the City Commission preliminarily approved fully rolling back the tax rate, meaning that it intends to collect the same amount of property taxes in the upcoming fiscal year as it will in the current year. The vote was unanimous; maintaining the same ad valorem tax rate would have generated $673,565 additional property tax revenue over the upcoming fiscal year.
The ad valorem tax rate and the City’s fiscal year 2023-24 budget are slated for final approval on Sept. 25 following public hearings.
The City’s fiscal year 2022-23 ad valorem tax rate is 3.1035 mills; the proposed 2023-24 rate is 2.8410 mills, or $2.841 per $1,000 of assessed taxable value. The Atlantic Beach City Commission has not fully rolled back the ad valorem tax rate in recent history, if ever.
The proposed budget continues the City’s recent trend of making a substantial investment in water, sewer, and stormwater infrastructure. This is necessary to maintain as well as increase capacity to provide drinking water and sanitary sewer, as well as mitigate flooding issues.
Meanwhile, a large portion of the infrastructure projects budgeted for fiscal year 2022-23 are included in the fiscal year 2023-24 proposed budget. As is standard in local government, the City ran into challenges completing and, in many instances, starting the slated projects. This is largely due to supply chain challenges and the shortage of contractors willing and able to work on projects.
Other highlights of the proposed budget are:
To access the proposed budget, visit www.coab.us/FY24Budget. An updated budget will be published on Wednesday, Sept. 20.
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