The City Manager ’ s ADOPTED BUDGET IN BRIEF FY 2023 / 24
The City Manager ’ s ADOPTED BUDGET IN BRIEF FY 2023 / 24
The Fiscal Year 23 / 24 Adopted Budget allocates resources to support Port St . Lucie ’ s Strategic Plan goals .
BUDGET FISCAL YEAR
23 / 24
-3 %
DECREASE FROM FY 22 / 23 DUE TO DEBT REDUCTION
TOTAL BUDGET $ 709,326,449
GENERAL FUND
11 %
$ 17.5M INCREASE OVER FY 22 / 23
TOTAL BUDGET $ 176,703,903
Crosstown Voter Debt Reduced
The voter-approved debt service millage for Crosstown Parkway is reducing to 0.4943 in FY 23 / 24 from 0.5693 for FY 22 / 23 .
Operating Millage Reduced
Operating Millage is reducing from 4.7307 to 4.7057 .
Tax Base Increase
The tax base increased by 22.91 % over the estimated adjusted value , because of increased growth and property appreciation , from $ 16.2 billion ( FY 22 / 23 ) to $ 20 billion ( FY 23 / 24 ) as of July 2023 estimate .
MILLAGE RATE
Millage rate is the tax rate per $ 1,000 of taxable property value . The City ’ s Operating Millage rate is 4.7057 per thousand for FY 23 / 24 . The adopted total millage rate is 5.2000 . This is the eighth year the millage rate is reduced .
1 MIL 2 MIL 3 MIL 4 MIL 5 MIL 6 MIL FY 18 / 19 6.3000 FY 19 / 20 6.0740
STORMWATER
Stormwater Fee is adopted to increase by $ 10 for a total of $ 178 for residential and $ 133.50 for vacant property .
SOUTHERN GROVE
Southern Grove debt and tax payment remains $ 3.6 million , which is supported by the Governmental Finance Fund .
FY 20 / 21 5.9000 FY 21 / 22 5.6000 FY 22 / 23 5.3000 FY 23 / 24 5.2000
Assessed impact of millage reduction on City taxes for a median home with a homestead exemption increased by the save our homes limit of 3 %
Assessed Value Exemption Amount
Taxable Amount City Total Millage Rate
( Per $ 1,000 of value ) Total City Taxes per Year
Difference with Proposed Millage Reduction
FY 22 / 23 Tax Year City Taxes
$ 215,205 $ 50,000 $ 165,205 5.3000
$ 875.59
FY 23 / 24 Tax Year City Taxes
$ 221,661 $ 50,000 $ 171,661 5.2000
$ 892.64 $ 17.05
Although the median market value of an average single-family home in PSL is $ 307,684 , the median assessed value by the County Property Appraiser is $ 221,661 . The assessed value is used to determine the annual property tax .
SOLID WASTE
The Solid Waste Assessment Fee is adopted to increase by 4 % to $ 432.67 per contractual obligations with the City ’ s solid waste vendor . Residential homeowners will no longer receive the one-time credit of $ 36.76 .
Median market value for a single-family home in Port St . Lucie
$ 307,684