M E M O R A N D U M
To: Honorable Mayor and Town Council
From: Rafael G. Casals, Town Manager
Date: August 31, 2016
Re: Fiscal Year 2016-17 Proposed Budget
(Third Council Budget Workshop)
As discussed during the June 22, 2016 Budget Visioning Workshop, as well as during the July 18, 2016 Budget Workshop (Second Council Budget Workshop), Town Staff has worked diligently in order to provide the Council with a preliminary 2016-17 budget for your initial review. During my administration, this is the third consecutive year we have provided a preliminary budget during the month of July. 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 13, 2016 (Tuesday) |
7:00 PM |
Cutler Bay Town Hall Council Chambers 10720 Caribbean Boulevard |
|
2nd Budget Hearing September 27, 2016 (Tuesday) |
7:00 PM |
Cutler Bay Town Hall Council Chambers 10720 Caribbean Boulevard |
Please find attached the Fiscal Year 2016-17 Proposed Budget, which is based on a millage rate of 2.5329 mills. This represents the statutorily computed two-thirds vote maximum millage rate that the Council has adopted in previous years as a ceiling rate for purposes of the Property Appraiser’s TRIM advertising notice. This rate was adopted by the Council at the July 20, 2016 Town Council meeting via Resolution 16-44 and was communicated to the Property Appraiser for TRIM advertisement purposes.
The ceiling rate does not prevent the Council from adopting a lower rate during the Budget Hearing process. For example, last budget year (FY 2015-16), the Council adopted a higher proposed millage rate (“ceiling rate”) of 2.5348 mills for TRIM advertisement purposes (via Resolution No. 15-48) but ultimately adopted a final millage rate of 2.3907 mills at the second Budget Hearing (via Resolution No. 15-66).
The 2016 property values of the Town, as certified by the Property Appraiser’s Office, increased 7.38% from the 2015 certified property values (as a comparison, in 2015 the property values of the Town, as certified by the Property Appraiser’s Office, increased 8.8%). As a result, even by holding the current millage rate steady at 2.3907 mills, gross Ad Valorem (i.e., property tax) revenues to the Town will increase approximately $367,000.
The Executive Summary (“Attachment A1”) provides a written summary of decreases/increases for expense line items, per department. Detailed Expenditure Reports (Attachment “A2”) per department provides the Council with the following comparative information:
• Adopted Fiscal Year 2015-16
• Actual Projection Fiscal Year 2015-16
• Proposed Fiscal Year 2016-17 (Millage Rate at 2.5329)
• Net Change:
Ø Proposed July Workshop for Fiscal Year 2016-17 compared to Adopted Fiscal Year 2015-16
Ø Net Change from July Workshop to August Workshop for Fiscal Year 2016-17