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Home My WebLink AboutExhibit 2REVENUE SUMMARIES City of Miami FY2007 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 personal 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 2006 equated to a little over $14.8 billion. This amount represented 30.3% of the gross taxable value of approximately $48.9 billion for that year. Gross Assessed Value vs. Taxable Assessed Value 75% 74% 73% 72% 71% 7056 68% 67% 86% 65% 64% 63% 1998 1997 1998 1999 200D 2001 2002 2003 Taxable 0 Non -Taxable 2004 2006 FY 2006 Exemptions and Other Non -Taxable Total Value = $14,834,899,348 $25K Homestead dd'I $25K S.O.S. Other Non -Taxable Institutional 2006 • $25K Homestead 7.5% • Add'I $25K S.O.S. 1.3% ® Governmental 36.1% • Institutional 13,1% Governmen • Other Non -Taxable 42,0% Total; 100.0% Tentative Budget City of Miami FY2007 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 toshow the amount of ad valorem taxes levied by a municipality. For Fiscal Year 2007, 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 (c) FY (d) FY (e) FY (f) FY (g) FY (h) FY (i) FY (j) FY '98 '99 '00 '01 '02 '03 '04 '05 '06 '07 Millage Rates for the City of Miami Debt Service Operating Combined Operating Debt Service Combined FY '98 FY '99 FY '00 FY '01 FY '02 FY '03 FY '04 FY '05 FY '06 FY '07 9.59950 10.00000 9.50000 8.99500 8.99500 8.85000 8.76250 8.71625 8.49950 8.37450 1.9200 11.51950 1.7900 11.79000 1.4000 10.90000 1.2800 10.27500 1.2180 10.21300 1.2180 10.06800 1.0800 9.84250 0.9500 9.66625 0.7650 9.26450 0.6210 8.99550 *The millage rates expressed In the chart above are the adopted rates for fiscal years 1998 - 2006 and the estimated rate for fiscal year 2007. Tentative Budget City of Miami FY2007 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 Budget 2005-06 General Fund Taxes Licenses and Permits Intergovernmental Revenu Charges for Services Fines and Forfeits Miscellaneous Revenue Non -Revenues Internal Service Funds $239,292,592 $9,804,100 $36,899,366 $98,763,061 $4,422,500 $14,919,580 $35,884,727 $51,778,734 Amended Budget 2005-06 $239,292,592 $9,804,100 $36,899,366 $98,763,061 $4,422,500 $14,919,580 $35,884,727 $51,778,734 Preliminary Budget 2006-07 $282,475,784 $10,992,650 $39,573,718 $99,930,027 $4,510,000 $17,112,591 $9,719,095 $36,887,086 $491,764,660 $491,764,660 $501,200,951 FY 2007 General Fund Revenue Breakdown Taxes Non -Revenues Miscellaneous Revenue Licenses and Permits Internal Service Funds Intergovernment Reve nee and Forfeits Charges for Services ■ Charges for Services ■ Fines and Forfeits Intergovernmental Revenue ■ Internal Service Funds ■ Licenses and Permits ■ Miscellaneous Revenue Non -Revenues ■ Taxes Total: fli 19.0% 0.9% 7.9% 7.4% 2,2% 3.4% 1.9% 56.4% 100.0% Tentative Budget City of Miami FY2007 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 several 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 General 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 106 — 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 / Homeless Programs Fund 119 — Strategic Initiatives Fund 120 — Transportation & Transit Fund 123 — Code Enforcement Fund 124 - Civilian Investigative Panel Tentative Budget City of Miami FY2007 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 millage rate, public service taxes and from interdepartmental revenues. Adopted Amended Preliminary Budget Budget Budget 2005-06 2005-06 2006-07 Debt Service Fund Taxes $19,701,006 $19,701,006 $19,740,776 Licenses and Permits $0 $0 $0 Intergovernmental Revenu. $300,000 $300,000 $302,475 Charges for Services $0 $0 $0 Fines and Forfeits $0 $0 $0 Miscellaneous Revenue $0 $0 $0 Non -Revenues $2,691,656 $2,691,656 $0 Internal Service Funds $19,073,479 $19,264,032 $22,070,310 $41,766,141 $41,956,694 $42,113,561 FY 2007 Debt Service Funds Revenue Breakdown Internal Service Funds 52.41% Taxes 46.88% Intergovernmental Revenues 0.72% Tentative Budget