In the first of two public budget hearings, the village council tonight unanimously adopted a tentative $32.5 million budget for the fiscal year starting Oct. 1.
There were no public comments or discussion from council.
The proposed budget will maintain the current property tax rate $1.92 per $1,000 of taxable property value, a clear signal the village said the economy is rebounding.
For the first time in six years, Royal Palm Beach saw an increase in property values, with the village’s gross taxable value rising to $1.87 billion, up from $1.80 billion the previous year.
At a tax rate of $1.92 per $1,000 of property value, a village resident with a home valued at $175,000 — minus a $50,000 homestead exemption — would pay $240 in taxes to the village next year.
The village said it didn’t have to tap into the $5.5 million tax rate stabilization fund to help balance this year’s budget.
Total general fund revenues rose by $988,165, while total operating expenses increased by $924,205. The village’s Parks and Recreation budget was increased 11 percent to $3.9 million with the opening of Commons Park.
Revenues to charges for services are expected to show an increase of $61,200 compared to last year’s budget. The village said the increase is directly related to the new Commons Park and the increased use of recreation-related programs.
The village budgeted $1.9 million for its impact fees fund, money used for roads, public parks and law enforcement. Major projects that will use those funds include the first phase of the $1.3 million Crestwood Boulevard road improvement project and lighting for Common Park’s great lawn.
A total of $4.3 million has been budgeted for the general capital improvement fund, which will be used for Saratoga drainage improvement, basketball/tennis court repairs and athletic fields light replacements.
Some of the budget goals outlined by the village for the upcoming fiscal year include completing the second and third floor improvements at Commons Park’s sporting center, modifying the park’s cafe area and finishing the first phase of the Crestwood Boulevard project.
A final public budget hearing is scheduled for Sept. 12.