Lantana Boards Approve Budgets, Set Tax Rate
The two Lantana Fresh Water Supply District boards at their September meetings approved their respective 2016-17 fiscal year budgets and property tax rates.
Expected revenues for FWSD #6 and #7 for the 12 month period that started Oct. 1 are just under $20 million and combined expenses are budgeted at $18.6 million, with more than half of the expenses consisting of municipal bond payments.
Most of the bonds are estimated to be paid off in FWSD #6 in the year 2027 and FWSD #7 in 2038, according to District Controller Rich Harned.
The budget contains a 3.75 percent increase for personnel expenses and the addition of two full-time employees.
There are also plans this fiscal year to replace 200 residential water meters that are at least ten years old.
A tax rate of $1 per $100 of property valuation was passed by the boards, which remains unchanged since the inception of the districts.
Despite the tax rate holding steady, the districts stand to collect 6 percent more revenue than last year due to rising property values and new construction.The boards also passed a $1 per month base rate increase on water service effective Nov. 1 to cover the increase from raw water suppliers.