The Cape Coral City Council has approved a $1.44 billion budget for the fiscal year beginning October 1, representing a 26% increase over last year’s spending plan.
The largest growth comes from the Enterprise Fund, which rose from $385.7 million to $742.7 million. This reflects major investments in utility and irrigation infrastructure to support the city’s rapid growth. Hiring additional personnel for fire, police, and code enforcement also makes up a significant portion of the new budget.
At the same time, the council voted to lower the property tax rate slightly to 5.1471 mills, or about $5.15 per $1,000 of assessed value. Thanks to rising property values, the rolled-back rate will generate roughly the same ad valorem revenue as last year. Council also established a 0.1608 millage rate dedicated to debt service.
The new budget balances growth-related infrastructure needs with stable tax revenues as Cape Coral continues to expand.
