From David Volz
City staff and the Budget Advisory Board provided a high-level overview of the proposed preliminary budget for fiscal year 2024. The discussion focused on nine key aspects: property values – ad valorem revenue; the City’s Fire Assessment Fee; key revenues and expenditure changes; inflation and market volatility; personnel service expenses – collective bargaining agreements; Commission priorities; public safety; infrastructure and Community Investment Plan; replacement plans; and American Rescue Plan Act funding.
Property values and the associated taxes account for nearly half of ongoing General Fund revenues, and the Broward County Property Appraiser estimated an 11.7% – or $5.7 billion – increase in taxable property value. Of this increase, $1 billion is associated with new construction. Overall, the increased taxable value is expected to yield about $20.9 million in additional revenue at the current millage rate that can be used to offset increasing expenses.
Because of the large increase in taxable values, the City can maintain its current low millage rate of 4.1193 for the 17th consecutive year. The Commission also stressed the importance of public safety, and the proposed budget makes significant investments in that area to meet the growing demand for services, primarily due to population growth and increased tourism.
The tentative millage rate and special assessment fees that will be included in the annual Truth Rate in Millage (TRIM) Notice will be set by the Commission on July 5, 2023. The adoption of the final rates and the budget will occur at public hearings scheduled for September 5 and September 13, 2023
Also, representatives from Miami Beckham United, Inc. came before the City Commission for a public discussion related to the mediation impasse over the public-private partnership to construct a training facility, stadium, and community park site. To move forward with the design and construction of the project, the main issues to address include Miami Beckham United’s request for reimbursement of the costs for the demolition of Lockhart Stadium and Fort Lauderdale Stadium, the payment of outstanding building permit fees, the parking license agreement, the community park design approval, and the portion of the park’s construction cost to be paid by Miami Beckham. Miami Beckham United submitted $1.4 million into escrow to pay the building permit fees should an agreement be negotiated and agreed to by both parties. If that happens, the City will agree to extend the parking license to the end of the current season. Mediation will resume between the City and Miami Beckham United.
“It is imperative that both parties come to an agreement and that this issue not drag out any longer. Litigation would not be to anyone’s advantage and merely take time and waste taxpayer dollars. I look forward to a solution that makes sense for all parties and completes this site as intended,” said Commissioner Steve Glassman.
