FY 2025 BUDGET BOOK - Flipbook - Page 99
economic conditions and various factors influencing revenue generation
➢
Water and Sewer Sales:
▪
Usage Patterns: Assumptions about water and sewer usage are based on historical data,
seasonal variations, and expected changes in consumption due to factors like
population growth and weather conditions. A 5% yearly growth in estimated revenue
for water and sewer sales in FY 2025/29 was applied, taking into account the current
growth of the City the development of pending new subdivisions
▪
Rate Adjustments: Forecasts consider potential rate adjustments for water and sewer
services, which can impact revenue generation. Currently, the City is in the process of
conducting a study on water and sewer rates. In the upcoming fiscal year, the existing
revenue figures will be updated to reflect the data from the rate study
See the example below: City-wide Major Revenue Sources of $1 Million or more:
Table 17:
Revenue Forecast FY 2025-29
Major Revenues Citywide
Water & Sewer Sales
Ad Valorem Taxes
Utility Taxes
Sales Taxes
Franchise Fees
1/2 Cent Sales Tax
Total
FY 24/25
Budget
14,573,925
12,311,465
3,382,499
3,325,000
2,207,730
1,800,000
$37,600,619
Inc.
5.0%
3.0%
2.0%
2.0%
2.0%
2.0%
FY 25/26
Forecast
15,302,621
12,680,809
3,450,149
3,391,500
2,251,885
1,836,000
$38,912,964
Inc.
5.0%
3.0%
2.0%
2.0%
2.0%
2.0%
FY 26/27
Forecast
16,067,752
13,061,233
3,519,152
3,459,330
2,296,922
1,872,720
$40,277,110
Inc.
5.0%
3.0%
2.0%
2.0%
2.0%
2.0%
FY 27/28
Forecast
16,871,140
13,453,070
3,589,535
3,528,517
2,342,861
1,910,174
$41,695,297
Inc.
5.0%
3.0%
2.0%
2.0%
2.0%
2.0%
FY 28/29
Forecast
17,714,697
13,856,662
3,661,326
3,599,087
2,389,718
1,948,378
$43,169,868
Taxes
Ad Valorem Taxes - General Fund
Ad Valorem taxes are budgeted at $12,311,465 (General Fund Revenue, page 131) and are collected
by the Lake County Tax Collector’s office. Most of the tax collections occur from November through
March. Tax bills are mailed in November, becoming due March 31, with a sliding discount rate
for early payment beginning in November. Collections are calculated by multiplying the City’s
adopted millage rate for every $1,000 of taxable property value. The City’s millage rate is adopted
by City Commission each budget year, with the established rate predicated upon desired revenue
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