1) On September 12, 2023, a public hearing was held regarding the tentative budget and proposed millage rates, at which time the taxing authority adopted a tentative millage and budget for FY 2023-2024.  A final public hearing is being held September 25, 2023, to adopt the FY 2023-2024 millage and budget.

2) On July 19, 2023, the Five-Year Capital Improvement Plan (CIP) was approved by the BOCC and is adopted annually with year-one projects funded as part of the County's annual budget.  Nassau County's Financial Policy, Section V-Capital Expenditure Policy, I.6., indicates that annually a Five-Year Capital Improvement Plan (CIP) will be developed and shall be adopted by a Resolution of the Board of County Commissioners.  Section V-Capital Expenditure Policy, I.4., indicates at least 25% of One Cent Sales Surtax revenue will be dedicated to capital projects. 

3) Estimated cash carried forward into FY 2023-2024, for the taxing funds for operating purposes is currently budgeted in reserve accounts with project code CSHFD.  The purpose is to have the operating budget reflect only current year costs, excluding items initiated in previous years which are not yet completed or received by close of FY 2022-2023.  Budget transfers have been prepared and are attached for distributing the estimated carry forward cash from reserves (project code CSHFD) and into the operating budget effective October 1, 2023. Final reconciliation of carry forward cash takes place in March 2024.

4) On July 10, 2023, the Board adopted Financial Policies, Resolution No. 2023-128.  The proposed update includes revisions to Section VII - Fixed Asset Capitalization Policy, amending the threshold for group item assets.

Final public hearing to consider adoption of the FY 2023-2024 millage rates and budget;  approve a Resolution adopting the Five-Year Capital Improvement Plan (CIP) for FY 2023/2024 through 2028/2029, as amended; approve Budget Transfers allocating cash carried forward from FY 2022-2023 into the FY 2023-2024 operating budget; and approve updating the Financial Policies, specifically Section VII-Fixed Asset Capitalization Policy. 

1) Nassau County, as a taxing authority, adopts final millage rates and a budget each fiscal year.  The millage rate determines the amount of ad valorem taxes for funding the adopted budget.

2) By adopting a multi-year Capital Improvement Plan (CIP) that addresses infrastructure, capital maintenance needs, and ongoing operational budget impacts, the County is able to formulate a sound long-term financial plan using a diversified pool of revenue sources.

3) By excluding cash carried forward from the operating budget until after adoption, it provides a clear reflection of what current year revenues fund for the fiscal year.

4) By increasing the group items amount from $5,000 to $100,000, tracking and inventorying of tangible property assets will be more efficient and effective.

Final public hearing to consider adoption of the FY 2023-2024 millage rates and budget;  approve a Resolution adopting the Five-Year Capital Improvement Plan (CIP) for FY 2023/2024 through 2028/2029, as amended; approve Budget Transfers allocating cash carried forward from FY 2022-2023 into the FY 2023-2024 operating budget; and approve updating the Financial Policies, specifically Section VII-Fixed Asset Capitalization Policy.