Town of Palm Beach Budget Discussions
This past week the Town Council began to release their proposals for the upcoming Town of Palm Beach budget discussions. The fiscal year for the Town of Palm Beach begins on October 1st, and plans have begun to designate the funds toward three main projects for the next year.
Collaboratively the Town Manger,Tom Bradford, and the Town Council have developed an agenda and possible spending costs for each item. They are hopeful to accomplish the goals and keep projects moving along at a steady pace.
The most important item on the agenda is the continuation of the coastal management plan that will be focusing on various reaches of the coast to re-nourish sand. The Palm Beach Inlet will also be of focus in this year’s coastal management plan.
The next Town-wide project will be the burial of the utility lines, the elimination of electrical poles and wires. This obviously brings both pros and cons to the city. We will try to focus on these in a future article.The enclosure of electrical, cable, and phone lines has been discussed several times over the past few years and will be addressed again. The Town Council believes that there is enough within the remaining funds to have the designs done, and then allocate in next year’s budget the construction and maintenance fees.
Last item is the development of a property tax rate for the residents and property owners of the Town of Palm Beach. Property values are increasing and with this increase usually come a tax increase. An increased property tax rate is great because that means more revenue for the Town. The harm of an increased property tax rate can lead to a drop in real estate sales and difficulty filling rental properties as well though so we must analyze with caution.
There is the Homestead exception, which includes residents who own their property, pay local taxes regularly, and are registered to vote. The options for the increased tax rate will be presented next month, and will hopefully offer a beneficial option for both the Town and the residents of Palm Beach Island.
It is a productive start to the next fiscal year for the Town of Palm Beach, leading to a favorable upcoming year for all who live, work, and enjoy Palm Beach. Stay tuned for details of the Town of Palm Beach budget discussions