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• Reduced the proposed millage rate
• Reduce amount of reserve being
utilized
September 28, 2004
2
cts . •out d Valor
Average Homeowner with Homestead
Exemption @ 8.7625 and 1.08
Home Value. 250,000.
Operating Mi Iage 1,971.66;'
Debt Service 243.00
Total Taxes
erage Homeowner with Homestead
Exemption ,`@ 8.11625 and 0.95
Herne Value 253,750
Operating Miila;ge 1 ,993 84
Debt Service 1.7.31
Total Taxes
• Proposed total tax millage reduction offsets assessment increase
on homestead exempt property
• City of Miami homestead exempt tax payers will pay less taxes
September 28, 2004 3
Facts about A• V-Iorem Tax
• Overall revenue is projected at $178.3
million
• Millage rate of 8.71625
• Current year rollback rate is 7.5624 mills
• The proposed millage rate is 15.26% higher
than the rollback rate
• Translates to additional revenue of $25
million
September 28, 2004
Category
FY'04 Adopted
Budget,
FrO4 Amended
Budget
Final Proposed
2005 budget
Difference Btw
FY'04 and FY'05
TAXES
LICENSES AND PERMITS
INTERGOVERNMENTAL REVENUE
CHARGES FOR SEM/ICES
FINES AND FORFEITS
MISCELLANEOUS REVENUE
NON -REVENUES
INTERNAL SERVICE FUNDS
REVENUE TOTAL
SALARIES &WAGES - FIXED
FRINGE BENEFITS FDCED"
OPERATING EXPENSES - FIXED
OPERATING EXPENSES -VARIABLE
CAPITAL OUTLAY- VARIABLE
TRANSFERS TO OTHER FUNDS
EXPENSE TOTAL
REIa'ENUEENSE TOTAL:
$181,142,662
$9,566,645
$31,685,129
$94,135,591
$4,100,000.
$1 4,917,042
$33,992,449
$47,786,792
$417,326,310
$181,142,662
$22,055,870
$9,566,645 $8,207
$31,685;129 , $1,021,149
$94,305,591 ($1,343,905)
$4,100,000 $310,000
$14,917,042 $265,028
$37,166,260 $10,364,312
$47,786,792 ($4,423,605)
6420,670,121 28,257,056
$203,198,532
$9,574,852
$32,706,278
$92,791.686
$4,410,000
$1 5,182,070
$44,356,761
$43,363,187
$445,583,366
$202,314,740
$21,115,577
$69,767,330
$81,385,244
$416,087
$421327,332
$417,326,310
$0
$203,270,311
$21,148,303
$73,956,877
$81,201,393
$641,368
$40,451,869
$420,670,121
$0
$212,605,939
$22,767,071
$91 ",733,11 5
$84,971;;,473
$788,862
$32,716,906
$445,583,366
$10,291;199'.
$1,651,494,
$21,965,765
$3,586,229
$372,775
($9,610,426)'
$28,257,056
September 28, 2004 5
sti atin• Conference
• Pension Contributions
• City utilization of reserves
September 28, 2004
6
ension
• $69 million represents the City's contribution to
the pension assets
• Increase of over $22 million from 2004
• $4.0 Million administrative cost between the
two trust
September 28, 2004
7
• Pension Contributions
• City utilization of reserves
• Growth rate of revenues versus
expenses
September 28, 2004
8
evenue Detail
Recurring Revenues
Major Generr4 Fund Revenues
Contribution from Utilities
Solid Waste Fee Res
Half Cent Sales Tax
FP&I Franchise
Parking Surcharge
Special Inspections
Interest on Investment
Stormwater utility Fee
State ,of FL Revenue
Local Option Gas Tax
Subtotal
Ad Valorem
Taxes Real Current
Taxes Personal Current
Subtotal
Other Recurring Revenue,
Various
Subtotal
Total Recurring Revenues
FY 2004 Adopted FY 2005 Proposed Variance from
2004 Change
Budget Budget
$ 47,417,828
20,975,546
21,191,422
14,630,727
12,631,398
9,579,420
8,000,000
8962,242:
8,983,707
7,700,000
160,072,290
141,630,606`
14,181,330
1.55,811,936'
71,578,408
71,578,408
43,213,187 $ (4,204,641)-8.8794
21,575,5,46;; 600,00.0 2.86%
20,500,000. (691,422)-3.26%
15,500,000 869,273 5.94%
9,450,000 (3,181,398) -25.19%
9,837,265 257,845 2.69%
8,000,000 - 0.00% o
8,962,242 - 0.00%
10,647,155 1,663,448 18.52%
6,700,615:; (999,385) -12.98%
154,386,010 (5,686,280) 3.55%0
164,474,238'"
13,863,679
178,337,917
73,702,103
73,702,103
22,843,632 16.13%0
(317,651) -2.24%
22,525,981 14.46%
2,123,695 2.97%
2,123,695 2.97% o
38 7,462,634
406,426,030
18,963,396 4.89%
September 28, 2004 9
x iiense etail
Recut"ring Expenses
Personnel
Operating
Utilities
Insurance
Reserves
Non -Operating
Capital Improvement
Total Recurring. Expenses
September 28, 2004
FY 2004:Adopted FY 2005 Proposed
Budget Budget
Variance from
2004 % Change
287,247,946
52,4 1 5,412
8,106,802
10,807,200
5,773,470`.
10,629,866.
1,868,461
376,840,157
309,268,696
54,300,587
8,643,966
10,042,200
5,048,930
12,741,555
5,47 5,491
405 521,425
22,020,750 7.67°A;
1,885,175 3.60%
537,164 6.63%
(765 00.0) -7, 08%
(724,540)-12.55%
2,111,689 .19.87%'
3,607i030 193.05%
28,6 268 7.61%
10
sUm .tin Conference
• Pension Contributions
• City utilization of reserves
• Growth rate of revenues versus
expenses
• Financial impact of the relationship with
the County
September 28, 2004 11
Local ption as Tax
• 3 new municipalities incorporated
• Triggers a re -allocation by Miami -Dade
County
• $1 million reduction in revenue
September 28, 2004 12
uture focus
• Tax burden
• Investment in parks and infrastructure
• Business Processes and Technology
• Strategic development
• Citizens needs and expectations
September 28, 2004
13
September 28, 2004
14