HomeMy WebLinkAboutDocumentation_Workshop_Tab 02_11/4/2024 Agenda Item #2.
Workshop
STAFF MEMO x
Meeting: Workshop - Nov 04 2024
Staff Contact: Jeffery Snyder, Finance Director Department: Finance
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An update of the financial position of the Refuse & Recycle Fund reserves.
In August of 2024 the Village Council approved a contract with WM for automated trash pickup for the
residents of Tequesta. The contractual agreement includes annual increases with a floor of 5% and a
ceiling of 6% depending upon the Consumer Price Index (CPI). During the approval process the
Village Manager requested a $0.25/month additional increase or 1.56%. This equates to
approximately 9,500/annually. To fully explore where the Refuse and Recycling Fund sits financially,
this item was added to the workshop.
When necessary, it has been the Village's past practice to charge more than the contractual WM
increase to build a cushion, which is spent down in future years. We have reached a point where it is
necessary to take action. The Village utilizes a non-ad valorem assessment on the Palm Beach
County's tax bill process. This allows our citizens to realize a 4% reduction in this assessment if paid
timely. This reduction is causing an imbalance between the money collected and the money paid to
WM. A planned increase is necessary to keep the fund solvent.
This informational presentation provides option to consider for next year's budget process. In June
2025 the Council will need to make a decision on the Village's direction.
This document and any attachments may be reproduced upon request in an alternative format by
completing our Accessibility Feedback Form, sending an e-mail to the Village Clerk or calling 561-
768-0443.
BUDGET • •
BUDGET AMOUNT N/A AMOUNT AVAILABLE N/A EXPENDITURE AMOUNT: N/A
FUNDING SOURCES: N/A IS THIS A PIGGYBACK:
❑ Yes ❑ N/A
DID YOU OBTAIN 3 QUOTES?
❑ Yes ❑ N/A
COMMENTS/EXPLANATION ON SELECTIONN/A
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Agenda Item #2.
POTENTIAL MOTION - • •
Informational only, no action requested at this meeting.
Solid Waste Update 11-4-24
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