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Finance Department

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1. What is the purpose of the Town budget?

The budget is an annual financial plan for the Town of Indian Shores. It specifies the level of municipal services to be provided in the coming year and the resources, including personnel positions, capital expenditures and operating expenses, needed to provide those services. It reflects the policies and priorities set by the Town Council.

2. What is a fiscal year?

A fiscal year is a 12-month operating cycle that comprises a budget and financial reporting period. The Town's fiscal year, along with other local governments and special districts within the State of Florida, begins on October 1 and ends on September 30.

3. From where does the Town obtain its revenues?

From Town levied taxes, state and federal shared revenues and fees for municipal services, such as law enforcement services and recreation.

4. How is revenue used by the Town?

Revenue is used to pay for salaries, operating supplies, other operating costs such as utilities and insurance, and capital purchases such as buildings, vehicles, and equipment as specified in the Town budget.

5. What is property rate?

When the Town adopts the annual budget, it determines the tax rate that must be applied on property in order to generate the necessary revenue in addition to all other sources which are available. The current tax rate for the Town of Indian Shores is 1.87000 mills, or $1.87 per $1000 of taxable value. The taxable value of all property in the Town is established by the Pinellas County Property Appraiser. The Town has no control over the taxable value of property; it only has control over the Town's portion of the tax rate that is levied.

6. What is homestead exemption?

The Florida Constitution provides that a home owner may apply for, and receive, a homestead exemption in the amount of $25,000 plus an additional $25,000 above the just value of $50,000 on his or her principle residence. After property is appraised by the County Property Appraiser, up to $50,000 is subtracted from the appraised value; the remainder is the taxable value upon which the property tax rate is applied.

7. What is a mill of tax?

One mill is equal to $1 for each $1,000 of taxable property value. The Town of Indian Shores 2017 Millage Rate is 1.87.

8. What is the difference between ad valorem tax and property tax?

There is no difference. They are different names for the same tax

9. What is an operating budget?

An operating budget is an annual financial plan for recurring expenditures, such as salaries, utilities, and supplies.

10. What is a capital improvement budget?

A capital improvement budget is both a short and long range plan for the construction of physical assets, such as building, streets, sewers, and the purchase of vehicles and equipment.

11. What is a fund?

A fund is a separate accounting entity within the Town that receives revenues from a specific source and expends them on a specific activity or activities. The Town maintains four separate funds, all of which account for distinct activities.

12. What is an enterprise fund?

An enterprise fund earns its own revenues by charging customers for the services that are provided; the fund receives no tax funds. The Town of Indian Shores operates its parking activity as an enterprise fund.

13. What is a budget appropriation?

A budget appropriation is a specific amount of money that has been approved by the Town Council for use in a particular manner.

14. What is a budget amendment?

A budget amendment is a resolution adopted by the Town Council which alters the adopted budget by appropriating additional monies to a particular department or fund, decreasing appropriations to a particular department or fund, or transferring funds from one department or fund to another.

15. Who establishes the rules by which the Town of Indian Shores adopts its annual budget and property tax rate?

The property tax rate and budget adoption process are governed by both the Town Charter and the State Statutes.

16. Who is the Chief Executive Officer of the Town of Indian Shores?

The Town Administrator is both the Chief Executive and Chief Administrative Officer of the Town of Indian Shores. The individual is hired by and reports directly to the Town Council.

17. What are franchise fees, and why does the Town of Indian Shores levy them?

The franchise fee is a charge levied by the Town on a utility to operate within Town and to use the Town right's-of-way and other properties for locating pipes, wires, etc. The state allows utilities to pass on the franchise fee directly to customers on their bills.