City commissioners voted unanimously to approve the $746,962,838 budget for fiscal year 2024, which starts Oct. 1.
The General Fund, which covers the city’s personnel and daily operating expenses, will have a budget of $172.6 million, or roughly 23% of Lakeland’s total budget.
The city’s adopted millage rate is $5.43 per $1,000 of assessed property value. This means a Lakeland homeowner with an assessed property value of $150,000 will pay the city approximately $814.50 in taxes for the upcoming year.
The 2024 budget has over $9.8 million in new expenditures, addressing issues in seven strategic areas:
- Infrastructure
- Economic development
- Affordable housing
- City Hall communications
- Parks and recreation
- Public safety issues
Roughly $1.36 million has been set aside to build more sidewalks and trails to improve interconnectivity for pedestrians and bicyclists.
$1 million set aside in next year’s budget by the commission to help support affordable housing initiatives.
Lakeland has designated about $623,000 to hire 12 personnel for the Lakeland Fire Department over the course of the next year. The city also has designated $230,000 to sponsor individuals interested in becoming firefighters or police officers into academies for training.
The city generally aims to keep 45 to 60 days of operating costs in reserve three years out in 2026, based on a series of conservative predictions about property growth. Under the current budget, it would have an estimated 80 days of cash on hand in fiscal year 2026.