The City of Naples has approved a $208.8 million budget for the next fiscal year, amid a recent decision to increase property taxes for homeowners in the city.
The budget represents a jump from the 2023-24 fiscal year which they set at $197.19 million. City Manager Jay Boodheshwar explained that rising costs of have pushed the city to increase its spending.
“The cost of goods and services and labor and insurance has gone up, and it’s gone up for all governmental jurisdictions,” Boodheshwar said.
The new budget includes more than $40 million for capital improvements, such as stormwater systems, roads, and parks. Additionally, about $13 million will be used for personnel and operating expenses.
And when it comes to taxes, homeowners will see a change in how much they pay. The millage rate will go from 1.17 to 1.23.
That means “a property with a taxable value of a million dollars would pay effectively 60 dollars more for the year for this additional six basis points in the millage rate,” Boodheshwar explained.