FORT PIERCE – Rising operating expenses, shrinking revenue sources and a potential economic recession on the horizon are the reasons city officials say keeping ad valorem millage rates flat as they have for the last several years may no longer be an option.
During the City Commission’s first look at the proposed 2025-2026 Fiscal Year General Fund Budget on July 14, Finance Director Johnna Morris admitted that she and other staff members had struggled to balance the proposed $67.5 million budget, which is much leaner than usual.
“We are pleased to have balanced it at $67,537,211, which is a 4.4 percent from this current fiscal year,” she said. “As all of you know, we did have an increase in our estimated property tax values of $4.88 million, which was a 10.46 increase. As a result of that, we have structured this budget with no change to the 6.9 percent millage rate. We will see a $2,778,920 increase in our ad valorem revenue.”…