Expected $4,000,000 Budget Increase for the Town of Palm Beach
An unplanned cost is needed to cover the lack of funds coming from Palm Beach County that was initially promised at the start of the Coastal Management Planning. This budgetary shortcoming was voted upon to come from the Property Tax portion of the Town’s income. This will secure against any other shortcomings when it comes to additional hiccups.
Many hope that this cautionary measure will rescue the Town of Palm Beach from dipping into their reserve fund. The reserve is set aside for dire emergencies that could occur to the Town. The mandated $16 million dollar minimum in the account will continue to be maintained, but additional funds will be funneled into the reserve to safeguard against any future emergencies.
The final vote on the budget increase for the Town of Palm Beach and property tax rates will not be held until September, but the debates will continue over the new few weeks at Town of Palm Beach Town Council Meetings. Fiscal responsibility is vital in procuring the best future for the Town of Palm Beach.