Stormwater Management Fund
The Stormwater Management Fund, a special revenue fund, is funded from non-ad valorem assessments. The Stormwater Assessment is a flat fee for commercial and residential units to assist in maintaining the County's watershed. The FY 2024 Stormwater Management Fund budget is $46,136,160. This represents an increase of $4,027,071 or 9.6% above the FY 2023 Adopted Budget.
Revenues
Major revenue sources for the FY 2024 Stormwater Management Fund budget include:
Stormwater Special Assessments
The single largest source of revenue for the Stormwater Management Fund is from the non-ad valorem assessments. The assessment is based on an equivalent residential unit (ERU) of impervious surface area. A single-family home is considered one ERU. All residential and commercial properties pay this special assessment of $95 per ERU. Permits, Fees, and Special Assessments increased $158,124 from FY 2023.
Miscellaneous Revenues
Miscellaneous Revenue includes loan repayments from the Highlands Municipal Service Benefit Unit (MSBU), Plantation Palms MSBU, Timber Oaks MSBU, charges for services, investment income. and local grants.
Other Sources and Taxes
This includes funding sources such as principal payments and tax delinquencies.
Fund Balance
Fund Balance is the difference between revenues and expenditures from previous years. For example, while personnel costs are budgeted under the assumption that positions will be filled the entire year, retirements and other personnel moves occur leaving unspent funds which then accrue to Fund Balance. This is a non-recurring revenue source which is appropriate to spend on one-time expenditures. State statute requires expected fund balances be budgeted.
Expenditures
Major Expenditures for the FY 2024 Stormwater Management Budget include:
Operating
The single largest expenditure within the Stormwater Management Fund is the ongoing operations of the system. The Operating Budget is utilized to ensure the drainage system is functioning correctly. This includes culvert cleaning, drainage system maintenance, and pump repair.
Interfund Transfers
Interfund Transfers include capital projects and improvements. The remainder lies in the purchase of large equipment and capital improvements to the drainage system as funds are transferred to the General Fund.
Reserves
Reserves are the portion of Fund Balance that is legally segregated for specific purposes. The Board of County Commissioners has adopted a financial policy that the Stormwater Fund must sustain a reserve an amount equal to 16.7% of budgeted operating expenditures. This is known as the Restricted Reserves. These funds are set aside so that in case of an emergency, the County can continue to conduct operations.