File #: ID 2024-276    Version: 1 Name:
Type: Ordinance - 2nd Reading Status: Agenda Ready
File created: 8/19/2024 In control: City Commission Budget Hearing
On agenda: 9/18/2024 Final action: 9/18/2024
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.
Attachments: 1. ORDINANCE, 2. FY 2025 PROPOSED BUDGET

 

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.

 

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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