TO: Mayor and City Commission
FROM: Cale Curtis, City Manager
DATE: September 18, 2024
Title
ADOPTING AN OPERATING BUDGET FOR THE CITY OF MARGATE, FLORIDA, FOR THE PERIOD BEGINNING OCTOBER 1, 2024 AND ENDING SEPTEMBER 30, 2025; PROVIDING FOR A BUDGET FOR THE GENERAL FUND, SPECIAL REVENUE FUNDS, DEBT SERVICE FUNDS, CAPITAL PROJECTS FUNDS, ENTERPRISE FUNDS, AND AN INTERNAL SERVICE FUND; PROVIDING FOR A MILLAGE RATE; PROVIDING FOR REPEAL; PROVIDING FOR SEVERABILITY; PROVIDING FOR AN EFFECTIVE DATE.
BACKGROUND: The Fiscal Year 2025 budget for all funds totals $265,396,729. The General Fund is $79,418,987 and the Enterprise Funds (Water/Wastewater and Stormwater Fund) total $159,991,842 and are self-supporting from user fees. The FY 2025 General Fund budget reflects a $4,230,933 (5.63%) increase from the adopted FY 2024 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 0.0337 mills from 7.6004 mills to 7.5667 mills. This total millage is reflective of a 0.4496 debt service millage which includes the 2019 voter approved parks bond.
RECOMMENDATION: Approve
FISCAL IMPACT: As per Fiscal Year 2025 budget
CONTACT PERSON: Ismael Diaz, Finance Director