Page 8 - Juoiter Ocean Mile - November '22

Page 8, Jupiter Ocean Mile
Commissioner’s Update

Budget Brief If you notice an increase in the property taxes on your ￮ $10M for affordable housing development
bill, please note this is due to higher assessed values of • Infrastructure
By County Commissioner real estate, not an increase in the tax rate. Of the 650,420 ￮ $59M in capital improvements
Maria Marino parcels of real property in Palm Beach County as of 2022, ￮ $73.3M for Palm Tran vehicles and operations
For the first time in total market value is $404.3 billion, and total taxable • Public Safety
11 years, the County value is $255.3 billion. ￮ $743.3M for the Sheriff
Commission approved a The county’s total gross budget is $6.7 billion, of which ￮ $10.3M toward Animal Care & Control
reduction in the countywide $1.9 billion is in the General Fund. Current property taxes ￮ $2.7M for Emergency Management
millage rate for fiscal fund 24.9 percent of the gross budget. In addition to ￮ $3.5M for Victims Services
year 2023 – the tax rate property taxes, revenues include the fund balance – the • Substance Use and Behavior Disorders
per $1,000 of your real excess of fund assets over liabilities; intergovernmental ￮ $1M toward the addiction stabilization center
property’s value – from revenues in the form of grants, entitlements, shared ￮ $1.5M for recovery support
4.7815 down to 4.715 mills. revenues, or payments in lieu of taxes; licenses, permits ￮ $6.3M for financially assisted partner agencies
At the new millage rate, a and fees; charges for services; and, inter-fund transfers. Expenditures also include an increase in reserves from
homesteaded property at the median value of $365,000 The county continuously explores innovative means $189M in FY 2022 to $261.9M in FY 2023.
would save approximately $21.68 per year. While the to use taxpayer dollars efficiently and leverage the costs Beginning in March, county departments were required
savings is not huge, it was important to give people a of providing programs and services through grants and to submit their budgets with service levels at status quo,
break as costs all across the board for goods and services partnerships. In formulating the FY2023 budget, the allowing additional requests only for critical needs.
have escalated. The millage reduction was possible Board prioritized six strategies. These are the highlights: Review continues through April and May, culminating
without affecting the delivery of high quality county • Economic Development in a budget workshop in June. The millage rate is set at a
services to the public. ￮ $4.5M in business incentives public meeting in July, and two separate public hearings
Additionally, Palm Beach County received revenue • Environmental Protection occur in September, where members of the public can
replacement dollars through the Federal American Rescue ￮ $4M for natural areas management participate in the process.
Plan Act to cover general government expenses and offset ￮ $750,000 for the manatee protection program Your comments and questions are welcome, and if I
the impact of the pandemic on our community. This • Housing and Homeless can assist you please contact me at (561) 355-2201 or by
frees up ad valorem funds to pay for projects previously ￮ $11.5M for homeless resource centers email at mmarino@pbcgov.org.
approved by the Board. ￮ $2.4M for a non-congregate shelter in the Glades
Financial Focus

What Should You Know to deposit the money, including any amount withheld, You spend years contributing to your IRA and 401(k)
— and for good reason. So, when it’s time to move that
into a new IRA. If you miss this 60-day deadline, the
About IRA Rollovers? withdrawal may be taxable at your personal income tax money, be careful and consider getting help from your
rate, and it could also be subject to an early withdrawal financial and tax professionals. These funds can play a big
By Sally Sima Stahl penalty if you’re younger than 59½. role in your retirement income, so manage them wisely.
If you’ve been Given the immediate withholding and the possibility of This article was written by Edward Jones for use by
contributing to an IRA, further taxes if you don’t move the money into a new IRA your local Edward Jones Financial Advisor, Edward
you’ve chosen a great before the 60 days are up, you’ve got much to consider Jones, Member SIPC.
way to save and invest before initiating an indirect rollover. Consequently, Edward Jones is a licensed insurance producer in
for retirement. All IRAs you should consult with a financial advisor and tax all states and Washington, D.C., through Edward D.
have potential tax benefits professional before you make this type of move. Jones & Co., L.P., and in California, New Mexico and
and a range of investment In addition to a rollover from an existing IRA, you Massachusetts through Edward Jones Insurance Agency
possibilities, but not all may someday want to move the money from your 401(k) of California, L.L.C.; Edward Jones Insurance Agency of
IRA providers offer the or similar employer-sponsored retirement plan to an IRA. New Mexico, L.L.C.; and Edward Jones Insurance Agency
same features. So, if you This can occur when you retire or change jobs, although of Massachusetts, L.L.C.
decide that your current IRA if you do take on another job, you might have the options Edward Jones, its employees and financial advisors
provider is charging higher fees than you’d like, or perhaps of leaving your 401(k) with your former employer or cannot provide tax advice. You should consult your
doesn’t offer as many investment choices as you want, rolling it over into your new employer’s plan. However, if qualified tax advisor regarding your situation.
then you might choose to move your IRA assets to another you do want to move your 401(k) funds into an IRA, you Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
provider. How should you go about making this switch? can make what’s known as a direct rollover, in which the 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
Here are some options to consider: administrator of your old retirement plan will send you a
• Trustee-to-trustee transfer or direct rollover – You can check made payable to the custodian of your IRA. No taxes
ask the financial institution holding your IRA to move the will be withheld, but you need to get the funds transferred
money directly to another IRA. No taxes will be withheld within 60 days to avoid any potential tax issues.
from the amount transferred at the time of the transfer. This
method is generally hassle-free, but some IRA sponsors J U PIT E R IN L E T LIG H T H OUS E & M US E U M
will still only mail the check to your address of record,
so you’d have to forward it to your new IRA.
• Indirect rollover – If you take an indirect rollover,
also known as a 60-day rollover, the assets from your
existing IRA will be liquidated and the custodian or plan
sponsor will send you a check or deposit the funds directly
into your bank or brokerage account. This payment may
be subject to withholding for federal taxes, and possibly
state taxes, unless you opt out of withholding. You have
60 calendar days from the time the funds were withdrawn
NEED A/C? We’ve Got You Covered!

November 19, 2022 • 6-9PM

“WE SHOW Tickets on sale Jupiter Inlet Lighthouse Waterfront

UP!” jupiterlighthouse.org Featuring Local Restaurants • Music • Drinks • Silent Auction
Honorary Event Chairs: Chris & Michelle Searcy
Event Co-Chairs: Lori Houchin & Dedra Malizia
$150/person

Sponsor tables available Proceeds benefit
Presenting Sponsor VIP Pre-Party Sponsor Stage Sponsor Bar Sponsor Landmark Sponsor
The Cottiero Family Marilyn Murray
Glen & Carmel Mitchell
The Cottiero Family
Jill Mara & Matthew Garver Hamilton

Call Today for a FREE estimate!
561.575.2173
231 Jupiter St., Jupiter, FL Aqua Grill • Stormhouse Brewing under permit from the Bureau of Land Management (BLM) and

501(C)3 nonprofit #CH3759 This activity is conducted
www.MiklosAir.com within the Jupiter Inlet Lighthouse Outstanding Natural Area.
occurs all or in part on public lands administered by the BLM