REDINGTON BEACH – It’s getting close to that time – the end of the 2012 fiscal year and time to adopt a new budget. Towns and cities must face the financial music and often the ire of residents aggrieved about the way in which the city is either spending (or not) their tax money.
Last week, the Redington Beach Board of Commissioners held the first of two public hearings on the budget. No contentious issues or areas of disagreement surfaced between the town and its residents.
The three major areas that account for both revenue and expenditures consist of the general fund, capital projects and storm water fund.
The consensus is that the Redington Beach finances are doing quite well, thank you. According to Commissioner Mark Deighton, “The town is in good shape. We’ve got a pretty healthy situation here,”
The ad valorem rate remains at 1.94 and is expected to bring in $575,000 in revenue for the general fund.
The town’s general fund expects to take in almost $1 million in total revenue with estimated expenditures projected at around $940,000 much of which is used to fund the police and fire, the library, building maintenance, parks and various insurance costs.
The town also anticipates receiving about $77,000 from the Penny for Pinellas fund, which is considered restricted funds to be used only for capital improvement projects.
The revenue for the storm water fund is anticipated at $92,350 with expenses estimated at $30,650. The balance of about $60,000 is going toward the replacement reserves.
It is anticipated that any monies remaining at the end of this fiscal period will be vouchered into reserves. If one includes all three funds, this reserve amount is about 26 percent of the total revenues. Most of these replacement reserves are earmarked for capital projects.
The second and final public hearing on the proposed 2012-13 budget is scheduled for Thursday, Sept. 20, 7 p.m., at the Redington Beach Town Hall.