TO: Mayor and City Commission
FROM: Cale Curtis, City Manager
DATE: September 20, 2023
Title
ADOPTING AN OPERATING BUDGET FOR THE CITY OF MARGATE, FLORIDA, FOR THE PERIOD BEGINNING OCTOBER 1, 2023 AND ENDING SEPTEMBER 30, 2024; PROVIDING FOR A BUDGET FOR THE GENERAL FUND, SPECIAL REVENUE FUNDS, DEBT SERVICE FUNDS, CAPITAL PROJECTS FUNDS, ENTERPRISE FUNDS, AND INTERNAL SERVICE FUND; PROVIDING FOR A MILLAGE RATE; PROVIDING FOR REPEAL; PROVIDING FOR SEVERABILITY; PROVIDING FOR AN EFFECTIVE DATE.
BACKGROUND: The Fiscal Year 2024 budget for all funds totals $185,637,328. The General Fund is $75,188,054 and the Enterprise Funds (Water/Wastewater and Stormwater Fund) total $79,855,963 and are self-supporting from user fees. The FY 2024 General Fund budget reflects a $5,833,035 (8.41%) increase from the adopted FY 2023 General Fund.
There was no increase to the fire assessment rate with the residential rate remaining at $300 per household; other non-residential property use categories and nursing home properties also remained at the same proportional rate.
This tentative budget provides for a decrease in the total millage of 0.0504 mills from 7.6508 mills to 7.6004 mills. This total millage is reflective of a 0.4833 debt service millage which includes the 2019 voter approved parks bond.
RECOMMENDATION: Approve
FISCAL IMPACT: As per Fiscal Year 2024 budget
CONTACT PERSON: Ismael Diaz, Finance Director