TO: Mayor and City Commission
FROM: Cale Curtis, City Manager
DATE: September 21, 2022
Title
ADOPTING AN OPERATING BUDGET FOR THE CITY OF MARGATE, FLORIDA, FOR THE PERIOD BEGINNING OCTOBER 1, 2022 AND ENDING SEPTEMBER 30, 2023; 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 2023 budget for all funds totals $184,000,007. The General Fund is $69,355,019 and the Enterprise Funds (Water/Wastewater and Stormwater Fund) total $85,356,699 and are self-supporting from user fees. The tentative FY 2023 General Fund budget reflects a $2,462,525 (3.68%) increase from the adopted FY 2022 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 0.0637 mills from 7.7145 mills to 7.6508 mills. This total millage is reflective of a 0.5337 debt service millage which includes the 2019 voter approved parks bond.
RECOMMENDATION: Approve
FISCAL IMPACT: As per Fiscal Year 2023 budget
CONTACT PERSON: Ismael Diaz, Finance Director