On Monday the Fort Myers Beach Town Council voted 4-1 to set the tentative 2025-2026 millage rate at $1.25 of $1,000 of assessed property value, an increase of 26%. That rate can be reduced over the next two months as the council meets and digs deeper into the budget. They cannot vote for a higher rate. The current rate is .99. The town has not raised the millage rate since before Hurricane Ian.
Councilman John King voted against the proposed rate increase.
Finance Director Joe Onzik reported that the town is facing a $1.2 million budget shortfall heading into the 2025-2026 fiscal year.
The millage increase to 1.25 will bring in an additional $1,191,486. The town has been using a $12 million loan from the state of Florida to fill in yearly budget shortfalls. That loan also restricts what the town can do, like capital projects, because any additional revenue the town brings in must be used to pay back the loan. While there is hope the loan will eventually be forgiven that has not happened as of yet. As of now the loan must be paid back by 2033 and the interest rate is 10%…