M E M O R A N D U M
To: Honorable Mayor and Town Council
From: Rafael G. Casals, Town Manager
Date: July 23, 2014
Re: Fiscal Year 2014-15 Proposed BudgetTitle
Body
As discussed during the July 16, 2014 Town Council Meeting, Town Staff has worked diligently in between developing our Strategic Master Plan and Transportation Master Plan, in order to provide the Council with a preliminary 2014-15 budget for your initial review.
During my administration, we have previously provided a preliminary budget during the month of August. Several Council Members have expressed interest in discussing the upcoming year’s budget earlier in the process and prior to the scheduled budget hearings.
|
DATE |
TIME |
PLACE |
|
1st Budget Hearing September 9, 2014 (Tuesday) |
7:00 PM |
Cutler Bay Town Hall Council Chambers 10720 Caribbean Boulevard |
|
2nd Budget Hearing September 23, 2014 (Tuesday) |
7:00 PM |
Cutler Bay Town Hall Council Chambers 10720 Caribbean Boulevard |
Please find attached the fiscal year 2014-15 proposed budget which is based on a millage rate of 2.5702 mills (the rate currently in effect for Fiscal Year 2013-14). Even though the Council adopted a higher “ceiling” rate of 2.7202 mills for TRIM advertisement purposes (via Resolution 14-53), Town staff worked under the premise of “holding the millage rate steady” when developing the attached preliminary Fiscal Year 2014-15 budget.
The 2014 property values of the Town, as certified by the Property Appraiser’s Office, increased 8.07% from the 2013 property values. As a result, even by holding the millage rate steady at 2.5702 mills, gross Ad Valorem (i.e., property tax) revenues to the Town will increase approximately $367,000.
The Executive Summary (“Attachment A & B”) provides a report per department of the Town’s budget, highlighting some of the significant changes and items for the upcoming fiscal year.