On September 12, 2022, a public hearing was held on the tentative budget and proposed millage rates, at which time the taxing authority adopted a tentative millage and budget for FY 2022/2023. A final public hearing is being held September 26, 2022, to adopt the FY 2022/2023 millage and budget.
On July 11, 2022, 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., states 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.
As part of the annual budget process, in accordance with Section I Budget Policy, Policy 10, "budget policies shall be reviewed as part of the annual budget process". Financial policies were first adopted by Resolution 2006-151, with the last updated approved April 25, 2022 (Resolution 2022-100). The proposed update includes revisions to Section II Fund Balance & Reserve Policy, addition of Section VII Fixed Asset Capitalization Policy, addition of Section VIII Grants Manual Policy, and addition of Section IX Nonprofit Funding Policy. |
The taxing authority adopts final millage rates and a budget for FY 2022/2023. A millage rate determines the amount of ad valorem taxes to be assessed for the budget year.
By adopting a multi-year capital plan 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.
Adopted financial policies are followed when formulating and adopting the annual budget and subsequent changes. |
Public hearing to consider adoption of the FY 2022/2023 millage rates and budget; approve a Resolution adopting the Five-Year Capital Improvement Plan for FY 2022/2023-2026/2027, as amended, providing an effective date; approve a Resolution Updating the Financial Policies for the Board of County Commissioners, providing an effective date. |