Soaring residential and commercial growth helped Wildwood achieve the best of both worlds in its 2018-19 fiscal year budget adopted by the city commission Monday night.
Spending will rise to a record $45.2 million while the property tax rate will drop to $3.66 per $1,000 assessed valuation, a 9 percent decrease from this year’s rate of $4.02. General fund revenues will exceed $10 million.
“This is the biggest budget we’ve ever had in the city of Wildwood and the lowest tax rate,” said Mayor Ed Wolf.
For the first time in several years, the tax rate was set at the roll-back rate, the amount needed to collect the same revenue as the previous year.
Due to growth, however, the city will collect 23.8 percent, or $719,615, more in taxes next year. Once one of the poorest communities in the state, the total value of Wildwood property will surpass $1 billion for the first time, which is up over a third from last year.
City officials anticipate issuing 2,100 residential permits next year and have been adding homes at a pace of 175 per month, due largely to the Villages of Southern Oaks development south of State Road 44.
Commercial development also is robust, led by the Center for Advanced Healthcare at Brownwood, along with the Brownwood Hotel and Spa, new stores and an assisted living center at Trailwinds Village north of County Road 466A, the Villages Grown project to grow and market vegetables and Shooter’s World near Brownwood.
Six new positions were added and all employees will receive 3 percent cost-of-living increases. Starting annual pay for police officers was raised to $38,000.
The budget sets aside $5.5 million in reserve funds and includes construction of a $6.9-million police station at U.S. 301 and County Road 462 West. Commissioners also voted to issue $7 million in capital improvement bonds to finance the station.
Other planned projects include upgrading Martin Luther King Jr. park, a water main extension and finishing the Oxford Water Treatment plant upgrades as well as increasing wastewater treatment capacity
The city will invest more than $14.5 million in its utility systems next year.
Despite lower property taxes, Wildwood residents will pay more for water next year due to a 3.2 percent rate increase.
The city will receive $6.8 million in utility fund revenue next year, which will help build a reserve fund expected to reach over six months of operating expenses in two years.