Figures just released by the Clerk for July show an astounding year-to-date surplus of $414.6 million – the highest on record. Attempting to analyze the reasons for such a large surplus show that expenditures came in below plan due to lower spending at the department level while capital spending came in far below plan.
Due to explosive growth in Manatee County, property tax revenue and charges for services came in higher - leading to this mind-blowing surplus. The YTD surplus is higher than property taxes collected in 2024 begging the question are property taxes even necessary?
The Commission’s response Thursday night was to motion for a .3% millage reduction which after much discussion was reduced to a .15% or about a $50 property tax reduction for the average property taxpayer in Manatee County. Is this enough of a reduction? Clearly not for homeowners who are suffering from a 20% increase in the cost of living over the last three years compounded by 100%+ increases for homeowners insurance over the same time period. The public’s disgust with the county’s financial management was clearly a factor in the turning out of several “developer-oriented” commissioners during the August primaries.
There needs to be a more aggressive “return of capital” (read unspent taxes) to Manatee County residents in the form of a substantial property tax rebate against upcoming 2025 property taxes. At county commission meetings, I have suggested a $100 million property tax credit which equates to a roughly 25% reduction in your 2025 property bill.
This will reduce surpluses going forward, still leave unrestricted cash of over $700 million on the county’s balance sheet and most importantly provide some relief to financial and flood-beleaguered taxpayers in Manatee County.
Mike Meehan, CFA, MBA
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