M E M O R A N D U M
To: Honorable Mayor and Town Council
From: Rafael G. Casals, Town Manager
Date: July 22, 2015
Re: Fiscal Year 2015-16 Proposed Budget
(First Council Budget Workshop)
As discussed during the July 15, 2015 Town Council Meeting, Town Staff has worked diligently in order to provide the Council with a preliminary 2015-16 budget for your initial review. During my administration, this is the second 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 10, 2015 (Thursday) |
7:00 PM |
Cutler Bay Town Hall Council Chambers 10720 Caribbean Boulevard |
|
2nd Budget Hearing September 24, 2015 (Thursday) |
7:00 PM |
Cutler Bay Town Hall Council Chambers 10720 Caribbean Boulevard |
Please find attached the fiscal year 2015-16 proposed budget which is based on a millage rate of 2.5348 mills. This represents the statutorily computed two-thirds vote maximum millage rate that the Council has in previous years adopted as a ceiling rate for purposes of the Property Appraiser’s TRIM advertising notice. The ceiling rate does not prevent the Council from adopting a lower rate during the Budget Hearing process. For example, last budget year (FY 2014-15), the Council adopted a higher proposed millage rate (“ceiling rate”) of 2.7202 mills for TRIM advertisement purposes (via Resolution No. 14-53) but ultimately adopted a final millage rate of 2.3907 mills at the second Budget Hearing (via Resolution No. 14-65).
The 2015 property values of the Town, as certified by the Property Appraiser’s Office, increased 8.8% from the 2014 certified property values.
As a comparison, in 2014 the property values of the Town, as certified by the Property Appraiser’s Office, increased 8.7%. 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 $403,000.
The Executive Summary (“Attachment A”) provides a written summary of decreases/increases for expense line items, per department. Detailed Expenditure Reports (Attachment “B”) per department provides the Council with the following information:
• Adopted Fiscal Year 2014-15
• Actual Projections Fiscal Year 2014-15
• Proposed Fiscal Year 2015-16 Millage Rate at 2.5348
• Net Change:
Proposed Fiscal Year 2015-16 compared to Adopted Fiscal Year 2014-15