Aggressive development, especially in the Villages of Southern Oaks, is boosting Wildwood’s bottom line.
The city is flush with higher revenue than expected, according to a mid-fiscal year financial report presented to commissioners Monday at a workshop meeting.
“We budget close to revenue and we have a large surplus,” said Cassandra Smith, city clerk and chief financial officer.
She said an estimated surplus of nearly $500,000 will allow the city to replace two wrecked police vehicles, do more street paving and set aside money for capital projects shortages.
As of April 30, the city had projected fiscal year revenues of $14.1 million and projected expenditures of $13.6 million. Development-related franchise and utility fees are $448,000 higher than expected.
“It shows that we’re making development pay for itself,” said Mayor Ed Wolf, adding that the city still could face issues from the COVID-19 pandemic. “The hurt’s going to come a little later when this thing clears and we see the damage done. It could be a different story next year.”
Under agreements with Wildwood, The Villages Land Co. is allowed to build up to 65,000 homes south of State Road 44. The development, entirely in the city, will extend south to State Road 48 at the city limits of Center Hill.
Smith said the pandemic has caused state revenues and rental proceeds to lag behind estimates.
Fines and forfeitures were up 153 percent to $29,915 due to building code enforcement and not because police officers were writing more tickets.
More financial good news may come from refinancing a $6.5 million loan for several projects, including the police headquarters nearly completed at U.S. 301 and County Road 462 West.
Refinancing could reduce the interest rate by nearly 1 percent and help cut the remaining term of the loan from 18 years to 15 years.
Wildwood also is conducting an eight question survey of residents through the end of the month in preparation of drafting a new strategic plan. Survey forms are available on Wildwood’s web site under “City Strategic Plan.”
