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HomeMy WebLinkAboutSubmittal-Department of Management and Budget-PowerPoint PresentationProposed BUDGET IN BRIEF Fiscal Year 2024-2025 Serving, enhancing, d transforming our commu 16469 Submittal -Department of Management and Budget-PowerPoint Presentation Submitted into the public record for item(s) BH.1 on 09-07-2024, City Clerk Millage Rate Submitted into the public record for item(s) BH.1 on 09-07-2024, City Clerk The proposed general operating millage rate is 7.1364 mills for the City of Miami for the fiscal year beginning October 1, 2024, and ending in September 30, 2025; that operating millage rate is 10.73 percent higher than the state -defined rolled -back rate of 6.4447 mills. 2 Millage and Property Tax Submitted into the public record for item(s) BH.1 on 09-07-2024, City Clerk FY 2023-24 TOTAL ADOPTED MILLAGE RATE 7.4599 MILLS General Operations: 7.1364 General Obligation Debt: 0.3235 FY 2024-25 TOTAL PROPOSED MILLAGE RATE 7.3900 MILLS General Operations: 7.1364 General Obligation Debt: 0.2536 Total Assessed Value $453,288Average d $500,000 $1,000,000 FY 2024-25 Taxes 7.3900 S3,350 *FY 2023-24 Taxes 7.4599 'based m acva8rhomeszead $349438 S2,608 $3,695 $3,730 �} yEl A MEW $7,390 $7,460 3 Millage and Property Tax Submitted into the public record for item(s) BH.1 on 09-07-2024, City Clerk Regional Taxing Authorities lc Mianv-Dade County 294 Miami -Dade Public Schooh 334 Allocation of Each Dollar Paid in Property Taxes - FY 2024-25 City of Miami Operating 344 City of Miami Debt 34 4 City of Miami — Two Budgets Every Year Submitted into the public record for item(s) BH.1 on 09-07-2024, City Clerk The City adopts two budgets every year - an Operating Budget and a Capital Budget. The City's Proposed Operating Budget for FY 2024-25: $1,788,381,000 The Cit's Proposed Capital Budget for FY 2024-25: $1, 85,998,000 with $61,827,000 newly appropriated. 5 City Operating Budget — Four Fund Category Submitted into the public record for item(s) BH.1 on 09-07-2024, City Clerk Debt Service Funds: S93,649,000 Special Revenue Funds: $387,640,000 FY 2024-25 Proposed Operating Budget The City's Operating Budget is comprised of four separate fund groups: • General Fund - City's primary operating fund • Special Revenue Funds - accounts for revenues that are restricted to a specific purpose • Internal Service Fund - accounts for internal cost allocation between various City cost centers • Debt Service Funds - accounts for proceeds of City issued debt and repayment of principal and interest 6 General Fund — Where the Money Comes From Submitted into the public record for item(s) BH.1 on 09-07-2024, City Clerk 3.3 1..2% 0.6% 0.6% Where the Money Comes From: General Fund Revenue Sources Total: $ 1,167,203,000 ▪ Property Taxes • $589.3 million . 50.51X, ▪ Franchise Fees and Other Taxes • $156.3 million • 13.4% Charges for Services . $144.9 million • 12.4% Intergovernmental Revenues • $107.9 million • 9.3% Licenses and Permits . $101.3 million . 3. r % Other Revenues (Inflows) . $38.2 million • +` Interest • $14.5 million . 1.2% Transfers -IN • $7.5 million . 0.6`, ▪ Fines and Forfeitures . $7.4 million . 0.6% The General Fund includes revenues from a variety of sources, including fees, fines, and state and local taxes. Property tax revenue comprises 50.5% of total General Fund revenues and represents the largest source of funding for general operations. 7 General Fund — Where the Money Goes by Category Submitted into the public record for item(s) BH.1 on 09-07-2024, City Clerk Where the Money Goes; Expenditures by Category ▪ Salaries and Wages . $555.8 million . 47.6% • Employee Benefits . $311.5 million . 26.7% • Operating Expense . $202.0 million . 17.3% • Non -Operating Expense . $20.0 million . 1.7% • Capital Outlay . $1.8 million. 0.2nr • Transfers Out . $76.2 million . 6.5% Transfer to Capital . $22.9 million Transfer to Special Revenue . $10.7 million Transfer to Debt Service . $4OE9 million Transfer to Cost Allocation . $1. 7 million Personnel costs, including wages and employee benefits, represent the largest General Fund expenditure category. These costs account for almost three quarters of the total General Fund expenditure budget. n UL. 8 General Fund — Where the Money Goes by Function Submitted into the public record for item(s) BH.1 on 09-07-2024, City Clerk Where the Money Goes: Expenditures by Function ▪ Public Safety . $620.7 million • 53.2` ▪ Non Departmental Units • $147.6 million • 12.6% ▪ Public Works • $131.5 million • 1 t.3% ▪ General Government . $115.1 million • 9.9% ▪ Other Departments . $90.1 million • 7.7 `.?U Planning and Development . $58.4 million • ; ▪ Community & Economic Development . $3.9 million • 0.:3" n More than half of General Fund spending is allocated to the provision of public safety services. The Police Department and the Fire -Rescue department together comprise 53.296 of the General Fund expenditure budget. 9 Total Capital Budget Submitted into the public record for item(s) BH.1 on 09-07-2024, City Clerk Parks & Recreation $368,765,000 Building $87,203,000 Real Estate and Asset Management $410,079,000 Resilience and Public Works $594,467,000 TOTAL SIX -YEAR PLAN Proposed FY 2024-25 Fire -Rescue $62,274,000 Police $59,011,000 General Services Administration $43,402,000 Finance $33,142,000 .. Other Departments and Agencies $27,655,000 Departments and Agendes with Capital Budgets less than $10 million Office of Capital Improvements $9,927,000 innovation and Technology . $6,357,000 Housing and Oommunity Development $5,448,000 Risk. Management $1,520,000 Solid waste $1,472,000 Downtown Development Authority $1,355,000 Planning $596,000 Communications $572,000 Zoning $165,000 Commissioner's Office, Police $152,000 Human Services S91,000 Proposed BUDGET IN BRIEF Fiscal Year 2024-2025 Serving, enhancing, and transforming our community Submitted into the public record for item(s) BH.1 on 09-07-2024, City Clerk Thank you!