Miami Lakes appears to be in good financial shape for the next fiscal year, as the town is proposing to hold the line on the property tax rate, while generating enough revenues to resume rendering quality services and a surplus to keep the municipality running efficiently.
But residents may pay a slight tax increase because their property values grew last year.
Last month, the mayor and councilmembers preliminarily approved to keep the same 2.3581 rate, which would generate about $5.7 million in ad valorem taxes and with additional revenues to help offset the rising costs of services, including the town’s biggest expenditure – police services.
The town’s proposed $15.8 million spending plan calls for a four percent increase, $7.2 million, for police services stemming from pay raises, the elimination of the contribution to health care and an increase for fuel and overhead costs.
Miami Lakes, however, absorbed some of the financial impact by reducing police overtime, planning, legal and software expenses.
Councilmembers will first discuss the budget for 2014-2015 during a workshop, scheduled for 5:30 p.m., Tuesday, August 26, at Miami Lakes Town Hall, 6601 Main Street.
The budget hearings are scheduled for 6 p.m., Tuesday, September 9, and Tuesday, September 23, at Miami Lakes Town Hall.
Miami Lakes’ general fund balance is estimated at $4 million, in which 15 percent of the fund, $2.3 million, is required to be placed in emergency reserve, and an additional $500,000 reserved for hurricane emergencies.
Beautification remains a top priority for Miami Lakes, as town officials allocated money for upgrading the town’s gateway features and erecting a new entrance sign at N.W. 67 Avenue and 138 Street.
Miami Lakes is projecting to receive more than $350,000 in additional revenues for the 2014-2015 budget mostly from property taxes, utilities and intergovernmental, as estimated by the town.
Property taxes show an $150,000 increase from the current fiscal year along with slight increases from franchise and utility taxes, business license and permit fees, state revenue sharing, half-cent sales tax and user fees for services, fines and interest income.
The Intergovernmental revenue estimates reflect an increase of $210,000 for 2014-2015.
The additional revenues would be used to offset the increases of services due to the town’s growing population and slight demand for improved municipal services.
The town’s building department and code enforcement expenses increased by $120,000, which is needed for more hours for inspectors and an additional full-time clerk to handle the increase in demand.
The increase in permit activity is consistent with the trend in increased property values.
The proposed budget does not include funding for various projects and initiatives that staff has been directed to implement or are necessary for operational purposes, including the Lien Amnesty program, which is self-funded, Beautification ($300,000), police vehicles ($75,000) WiFi in the parks ($25,000), construction of a dog park ($150,000), tot-lot equipment at Royal Oaks Homeowners Association lease park ($20,000), installation of a canopy cover at the Royal Oaks Park playground ($50,000), a part