M E M O R A N D U M
To: Honorable Mayor and Town Council
From: Rafael G. Casals, Town Manager
Date: July 26, 2017
Re: Fiscal Year 2017-18 Proposed Budget
As discussed during the June 6, 2016 Budget Visioning Workshop, as well as during the July 10, 2016 Budget Workshop, Town Staff has worked diligently in order to provide the Council with a preliminary 2017-18 budget for your initial review. During my administration, this is the fourth 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, 2017 (Wednesday) |
7:00 PM |
Cutler Bay Town Hall Council Chambers 10720 Caribbean Boulevard |
|
2nd Budget Hearing September 27, 2017 (Wednesday) |
7:00 PM |
Cutler Bay Town Hall Council Chambers 10720 Caribbean Boulevard |
Please find attached the Fiscal Year 2017-18 Proposed Budget, which is based on a millage rate of 2.3907 mills. This represents the millage rate currently in effect for fiscal year 2016-17. As has been done in prior years, to allow for flexibility heading into the 1st Budget Hearing, the Town adopted the statutorily computed two-thirds vote maximum millage rate of 2.5199 mills at the July 19, 2017 Town Council meeting via Resolution 17-60 and communicated this rate 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 2016-17), the Council adopted a higher proposed millage rate (“ceiling rate”) of 2.5329 mills for TRIM advertisement purposes (via Resolution No. 16-44) but ultimately adopted a final millage rate of 2.3907 mills at the second Budget Hearing (via Resolution No. 16-55).
The 2017 property values of the Town, as certified by the Property Appraiser’s Office, increased 6.1% from the 2016 certified property values (as a comparison, in 2016 the property values of the Town, as certified by the Property Appraiser’s Office, increased 7.38% from the 2015 certified property values). 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 $326,000.
The Executive Summary (“Attachment A1”) 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 comparative information:
• Adopted Fiscal Year 2016-17
• Actual Projection Fiscal Year 2016-17
• Proposed Fiscal Year 2017-18 (Millage Rate at 2.5199)
• Net Change:
Ø Proposed July Workshop for Fiscal Year 2017-18 compared to Adopted Fiscal Year 2016-17
Ø Net Change from July 10, 2017 Workshop to July 26, 2017 Workshop for Fiscal Year 2017-18
ATTACHMENTS
Ø Attachment “A” - Proposed Budget FY 2017-18- Executive Summary
Ø Attachment “B” - Proposed Budget FY 2017-18 - Detailed Expenditures