Thank you for visiting The Islander Newspaper Online.

We are currently updating our website to provide you better service and function.
If you would like to access the new site, please, click here: The Islander Newspaper

Sorry for any inconvenience. Our new site and service will resume shortly.

Web Master

The Award Winning & Best News on Anna Maria Island, FL Since 1992

"The Award Winning & Best News on Anna Maria Island, FL Since 1992"

Saturday, Apr, 19, 2014
Florida Press Assn. Award-Winning Web Site
Home Latest News Weather Sports Real Estate Classifieds Island Guide Islander Store

 SECTIONS

 • 

Main News

 • 

Classifieds

 • 

Opinions

 • 

Streetlife

 • 

Calendar

 • 

Fishing

 • 

Sports

 • 

Real Estate

 • 

Obituaries

 • 

Weather

 Features

 • 

Cortez Cook Off: The Results

 • 

Anna Maria Island Bridge FDOT replacement bridge

 • 

National Hurricane Center (Atlantic)

 • 

Advanced Search

 • 

I love AMI

 • 

Mystery Story

 • 

Fishing Laws

 Classifieds

 • 

Classifieds Page

 • 

Place An AD

 • 

Items for Sale

 • 

Garage Sale

 • 

Estate Sale

 • 

Announcments

 • 

Lost & Found

 • 

Pets

 • 

Transportation

 • 

Boats & Boating

 • 

Fishing

 • 

Kids 4 Hire

 • 

Help Wanted

 • 

Health Care

 • 

Services

 • 

Lawn & Garden

 • 

Landscaping

 • 

Home Improvement

 • 

Business Opportunities

 • 

Rentals

 • 

Real Estate

 Weather

 • 

Today's Forecast

 • 

10 Day Forecast

 • 

Today's Tides

 • 

Emergency e-mail

 • 

Storm Watch

 Archive

 • 

News Archive

 • 

2009 Top Notch Gallery

 • 

2008 Top Notch Gallery

 • 

2007 Top Notch Gallery

 • 

2006 Top Notch Gallery

 • 

2005 Top Notch Gallery

 • 

2004 Top Notch Gallery

 Useful Links

 • 

Island Links

 • 

i.wed

 • 

Islander Store

 • 

About this Site

 Contact Us

 • 

Islander Store

 • 

Subscribe

 • 

About Us

 • 

e-mail us

Story Tools

Date of Issue: October 01, 2008

Credit crisis could affect Anna Maria budget

Anna Maria city commissioners learned the hard facts of being at the low end of the municipal credit market at their Sept. 23 public hearing, when they unanimously approved a $2.2 million operating budget for 2008-09 budget and a property tax drop from 2.0415 to 1.7882 mills.

 While the new budget and tax rate is a decline of 12.4 percent from last year’s figure, city treasurer Diane Percycoe tempered the news of a drop in taxes when she told commissioners that the city’s $1 million line of credit might not be funded immediately because of the federal credit crisis.

The city has a line of credit in its new budget to fund stormwater-improvement projects and some money has already been drawn from the account.

Percycoe said the Florida League of Cities and the Florida Association of Counties, where the city obtained its credit line, has problems that are “causing a delay in the city receiving the funds.”

“The demand for commercial paper is small,” especially from a city that wants just $1 million, she said. The situation is “volatile,” and much depends upon the federal government acting swiftly to resolve the crisis.

She promised to provide the commission with more information at its Sept. 25 meeting. (See separate story.)

“Hopefully things will calm down soon,” she said.

“We are just one of many cities with this problem,” said Mayor Fran Barford.

Aside from discussion of the line-of-credit issue, commissioners moved swiftly to approve the $2.2 million budget that lowers the ad valorem tax rate to 1.7882 mills.

Commissioner Dale Woodland said the city staff had done a great job in preparing a budget using a new method of budgeting. “This is the best budget, something you should be proud of,” he said to the staff.

 “I really like it that everyone involved knew where they were going with the budget,” Woodland added.

And it appeared that members of the public also approved the budget. No city residents attended the hearing and two commissioners — Duke Miller and Christine Tollette — were absent.

While the operating budget is $2.2 million, the total budget is $3.9 million, including the delayed $1 million line of credit. The city also has $764,000 in grant money in the budget.

The 2008-09 operating budget of $2.2 million is down 6 percent from the $2.24 million needed to run the city in fiscal year 2007-08. The contingency fund will have about $58,000, while the city’s reserve fund will maintain 38 percent of revenues, Percycoe said.

Rollback rate

The new millage rate of 1.7882 mills represents a 12.4 percent drop from the rollback rate of 2.0415 mills. Taxing authorities are required by state law to begin their budget with a rollback of the millage rate to a rate, which will generate the same revenue as in the previous year.

A mill is $1 for every $1,000 of assessed value of property, less any exemptions. The rate can be lowered through the adoption of the budget at public hearings on the spending plan, but once the commission establishes a tentative rate, it cannot be raised by the commission.

For a house valued at $525,000 in Anna Maria, with a $25,000 homestead exemption, the property tax bill from the city would be $894.10.

Have your say:

No comments for this page. Feel free to be the first

Username:

Contact:

(email or url)

Subject:

Your View:

Please enter the security code below:

security  

Get breaking news

Follow the Islander on TwitterBecome a fan of The Islander on Facebook

Sign up to receive breaking news alerts via e-mail. We'll send you a notice when the news and classifieds appear online every week, before the print edition hits the streets.

Click here for Gulf oil spill updates related to Anna Maria Island.

Historic Anna Maria City Pier Plank Walk

Put your name, your message, your memorial on the Historic Anna Maria City Pier prior to the Pier Centennial Celebration! And join the fun!

CLICK HERE for Stoltzfus e-mails and related court documents.


FREE Island
Vacation Guide:
get it here

Cortez Cookoff

Click here for 2010 Cortez Cookoff Winner and recipes

To advertise here, please
visit our rates page
or contact us at:
sales@islander.org
Phone: (941) 778-7978
Fax: (941) 778-9392

Back to top of Page

Home | Weather | Real Estate | Classifieds | Archives | Contact | Island Links
Islander Store | Subscribe About this site | Classifieds Page | Place an Ad
For Sale | Garage Sales | Announcements | Lost & Found | Pets | Transportation
Boats & Boating | Fishing | Kids for Hire | Help Wanted | Health Care | Services
Lawn & Garden | Landscaping | Home Improvement | Business Opportunities | Rentals | Real Estate

Our Privacy and Copyright Statements © 1992 - 2009, The Islander