The Captiva Erosion Prevention District Commission received an overview of the proposed fiscal year 2024-25 general budget from staff during a recent budget workshop.
On August 22, Executive Director Daniel Munt made a presentation at the budget hearings on the proposed budget numbers for the coming year and the options the commissioners should consider regarding tax rates. The first hearing is tentatively scheduled for September 9 at 5:01 p.m.
He began with an overview of the island’s property values and general tax rates, as well as the CEPD’s actual general budget since 2013. For the current year, 2023-24, property values are $1,372,602,171 – estimated at $1,517,100,899 for next year – the general tax rate is $0.3511, and the actual general budget is $457,973.
Munt reported that the district’s debt ceiling is estimated at $45 million.
“With about $13 million left for beach replenishment and nearly $27 million projected for beach replenishment next year, CEPD is approaching the maximum debt limit,” Employees have taken note of this. “This model of project financing is not sustainable. We need to carefully consider whether we can increase our annual ad valorem taxes to build up our project coffers.”
When discussing the general fund, Munt stated that the current tax rate of .3511 has raised $485,800. He outlined the following estimated tax rates and revenues for 2024-25:
– Rollback rate of 0.3160: $475,800 in revenue
– Price of 0.3318: $495,000 in revenue (requires simple majority of votes)
– Price of 0.3650: $543,000 in revenue (requires two-thirds majority)
– Rate of 0.5000: $735,000 in revenue (requires unanimous vote)
– Rate of 1.0000: $1,455,000 in revenue (requires unanimous vote)
Munt provided a breakdown of projected expenses for the coming year. This includes: $113,500 for administration (compared to $98,500 budgeted for 2023-2024). This includes advertising, bank fees, board meeting expenses, fees and subscriptions, insurance, office expenses, postage, rent, repairs, telephone, travel and conferences, utilities, and website and computer maintenance. $161,000 for salaries (compared to $151,000 budgeted for 2023-2024). This includes gross wages and payroll taxes and fees. And $41,500 for honoraria (compared to $35,000 budgeted for 2023-2024).
Based on total expenditures, including a proposed transfer to capital projects of $84,450 to $1,050,000, he outlined the following net revenues for each tax rate:
– Rollback rate of 0.3160: $68,850 ($84,450 transfer)
– Rate of 0.3318: $72,500 (transfer of $100,000)
– Rate of 0.3650: $70,500 (transfer of $150,000)
– Rate of 0.5000: $72,500 ($340,000 transfer)
– Rate of 1.0000: $72,500 (transfer of $1,050,000)
In addition, Munt provided an overview of the proposed capital budget for 2024-25.
Excluding possible transfers from the general fund, revenues are projected to be $22,623,482, including: local, state and federal grants, special levies, parking fees, interest, and miscellaneous.
Expenditure for the coming fiscal year is estimated at $31,376,541, which includes the following items: administration, parking, wages, fees, projects and debt service.
To view the presentation, click on CEPD BUDGET PRESENTATION.
OTHER NEWS
– Munt reported that Treasurer Dick Pyle recently resigned from the commission.
The staff have opened the application process to interested persons.
The appointment is expected to be made by the Commissioners in September.
