VENICE — The Fiscal Year 2022 Venice budget is halfway to adoption.
The City Council held its first of two public hearings on the budget Wednesday. The second one, at which the budget will be adopted, is scheduled for Tuesday, Sept. 28, at 5:01 p.m.
State law requires that the hearings take place after 5 p.m. It also requires that the budget be balanced.
The first item of business Wednesday was setting the ad valorem millage rate -- or property tax rate -- for the next fiscal year, which begins Oct. 1. The Council adopted an operating millage rate of 4.3600 mills, the same as in the current year.
The debt service millage was set at 0.5570 mill, covering three bond issues, including the ones that funded the downtown beautification project and the new police station.
A mill is $1 for every $1,000 of taxable value on real property.
According to the property appraiser's office, the gross taxable value of real property within the city limits is $4,829,933,786.
The adopted millage rate will raise 5.72% more revenue than if the rollback rate of 4.120 mills had been adopted.
The FY2022 budget includes General Fund expenditures of $37,963,334 for the day-to-day operations of the city, and about $79.5 million for departments funded by other sources of revenue.
More than half the money — $43,157,907 — goes to the Utility Department for administration, distribution, water production and water reclamation.
The total "all funds" FY2022 city budget is $117,399,741.