The Community Development District 5 Board of Supervisors has voted for a 20 percent cut to maintenance assessment fees paid by residents.
The board on Monday morning at Savannah Center gave its approval to a proposed $2.8 million operating budget for the 2021-2022 fiscal year.
The supervisors had looked at scenarios for cutting maintenance assessment rates by 10, 15 and 20 percent. Last month, they agreed unanimously to move ahead with the 20 percent reduction.
CDD 5 has long been in a strong financial position. That financial strength was thoroughly outlined during a 2016 town hall meeting with residents. CDD 5 has previously reduced maintenance assessment fees by 3 percent on five different occasions. CDD 5 has amassed more than $14 million reserve funding.
The final budget is slated for adoption at 1:30 p.m. Sept. 8 at Savannah Center.
