The URL can be used to link to this page

Home My WebLink Aboutrevenue summariesREVENUE SUMMARIES City of Miami FY2005 Budget Plan One City, One Future Revenue Summaries TAXABLE VERSUS GROSS VALUE EXEMPTIONS AT A GLANCE Ad valorem taxes are taxes levied against the assessed valuation of real and tangible persona property in Miami for the current year. The amount of taxes levied, by a municipality is dependent on the millage rate in effect and the final taxable values, which is the gross taxable value adjusted for exemptions entitled to governmental entities, churches, public schools and universities, and some other non-taxable entities and reductions made through a value adjustment hearing board process The difference between the gross value and those exemptions and adjustments is what Is known as a municipality's taxable value. The taxable value Is the true value which taxes are levied against Within the City of Miami, the preliminary value assessment of those exemptions for 2004 equated to a little over $10.2 billion. This amount represented 31.2% of the gross taxable value of approximately $32.6 billion for that year. Gross Assessed Value vs. Taxable Assessed 'Value IWO r r r r r r 1 1 1 1 1 1 111111 111111 • I11 1 1 1 1 1 1 1 1 • . 1 1 1 1, �r r I ' • i 1 II 0619 ZOD Taxable la Non -Taxable 2012 ZO3 FY 2004 Exemptions and Other NonWTaxable Total Value = $10,173,851,154 f26K Homestead Add'I $26K S.O.S. Other Non -Taxable Institutional Tentative Budget Governmental Mat. III 926K Homestead 10.01 Add9 $26K S.O.S. 1.7' Governmental 43 gl IIII Institutional 132% El Other Non -Taxable 30.0% Total: 100.0 % City of Miami FY2005 Budget Plan One City, One Future Revenue Summaries MILLAGE RATES OPERATING AND DEBT SERVICE A mill is expressed as a $1 In taxes for every $1,000 of assessed valuation. This is the rate that Is calculated with the taxable value to show the amount of ad valorem taxes levied by a municipality. For Fiscal Year 2005, the operating and debt service millage rates for the City of Miami are shown below. 14.0000 12.0000 10.0000 8.0000 6,0000 4.0000 2.0000 0,0000 (a) FY (b) FY '95-'97 '96 Millage Rates for the City of Miami (c) FY (d) FY (e) FY (f) FY (g) FY (h) FY (I) FY '99 '00 '01 '02 '03 '04 '05 f Debt Service I Operating e Combined Operating Debt Service Combined FY'95-'97 9.5995 FY'98 9.5995 FY '99 10.0000 FY'00 9.5000 FY'01 8.9950 FY'02 8.9950 FY'03 8.8500 FY'04 8.7625 FY'05 8.7825 2.1060 1.9200 1.7900 1.4000 1.2800 1.2180 1.2180 1.0800 0.9500 11.7055 11.5195 11.7900 10.9000 10.2750 10.2130 10.0680 9.8425 9.7125 *The millage rates expressed in the chart above are the adopted rates for fiscal years 1985 - 2004 and the estimated rate for fiscal year 2005. Tentative Budget City of Miami FY2005 Budget Plan One City, One Future Revenue Summaries REVENUE SUMMARY BY CATEGORY GENERAL FUND The General Fund is the general operating fund of the City. It accounts for all financial resources except for those required to be accounted for in another fund. The largest source of revenue in this fund is generated from ad valorem taxation. Adopted Amended Preliminary Budget Budget Budget 2003-04 2003-04 2004-05 General Fund Taxes $181,142,662 $181,142,662 $204,145,723 Licenses and Permits $9,566,645 $9,566,645 $9,574,852 Intergovernmental Revenu $31,685,129 $31,685,129 $32,706,278 Charges for Services $94,135,591 $94,305,591 $92,791,686 Fines and Forfeits $4,100,000 $4,100,000 $4,410,000 Miscellaneous Revenue $14,917,042 $14,917,042 $15,182,070 Non -Revenues $33,992,449 $37,166,260 $43,409,570 Internal Service Funds $47,786,792 $47,786,792 $43,363,187 $417,326,310 $420,670,121 $445,583,366 FY 2005 General Fund Revenue Breakdown Non -Revenues Miscellaneous Revenue Licenses and Permits Internal Service Funds lntergovernment Revienu eand Forfeits Charges for Services Tentative Budget Texas 1111 Charges for Servioss 20.8% • Fines and Forfeits 1.0% ® Interrovsnxnsntai Revenue 7.3% • Internal Ssrvloe Funds 9.7% • Licenses and Permts 2.1% • Msosllaneous Revenue 3.4% • Non -Revenues 4.7 i • Taxes 46.8% Total: 100.01E City of Miami FY2005 Budget Plan One City, One Future Revenue Summaries REVENUE SUMMARY BY CATEGORY COMBINED SPECIAL REVENUE FUNDS Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than special assessments, expendable trusts or major capital projects) that are legally restricted to expenditures for specified purposes. In Fiscal Year 2000, this fund was reorganized into severe distinct funds. Each Special Revenue Fund, as outlined below, has revenue sources specific to the purpose for which that fund was established. These sources include subsidies from the Genera Fund, grants, special assessments and taxes, Special Revenue Funds Fund 102 — Convention Center Fund 103 — Economic Development and Plan Services Fund 104 — Fire Rescue Services Fund 105 — Neighborhood Enhancement Team Offices Fund 108 — Parks and Recreation Services Fund 107 — Police Services Fund 108 — Law Enforcement Trust Fund Fund 109 — Public Works Services Fund 110 -- City Clerk Services Fund 113 — Public Services Taxes Fund 117 — Community Development Fund 118 — Health Facilities Authority Fund 119 — Strategic initiatives Fund 120 — Transportation & Transit Fund 123 — Code Enforcement Fund 124 - Civilian Investigative Panel Tentative Budget City of Miami FY2005 Budget Plan One City, One Future Revenue Summaries REVENUE SUMMARY BY CATEGORY COMBINED DEBT SERVICE FUNDS Debt Service Funds account for the accumulation of resources for, and payment of, general long-term debt principal, interest, and related costs. The major revenue sources in these funds are from taxes levied through a debt mlllage rate, public service taxes and from Interdepartmenta revenues. Adopted Amended Preliminary Budget Budget Budget 2003-04 2003-04 2004-05 Debt Service Fund Taxes $19,689,165 $19,689,165 $19,686,616 Licenses and Permits $0 $0 $0 Intergovernmental Revenu $302,475 $302,475 $302,475 Charges for Services $0 $0 $0 Fines and Forfeits $0 $0 $0 Miscellaneous Revenue $D $0 $0 Non -Revenues $4,269,705 $4,269,705 $1,150,000 Internal Service Funds $18,134,744 $18,134,744 $19,615,465 $42,396,089 $42,396,089 $40,754,556 FY 2005 Debt Service Funds Revenue Breakdown. Non -Revenues 2.82% Internal Service Funds 48.13% Tentative Budget Taxes 48.31 % Intergovernmental Revenue 0.74%