The proposed budget for the upcoming fiscal year, which starts on October 1st, was just released to the City Commission and the public by City Manager Pat Salerno. The budget calls for a property tax millage rate reduction from the current rate of 5.869 to a new rate of 5.669. The rate represents $5.669 per $1,000 of assessed property value. The City would be reducing property tax revenues collected by approximately $1.5 million. This follows a reduction in the millage rate a year ago from 6.072 to 5.869. This would also be the first time in more than 35 years that the City has reduced property tax revenues for three consecutive years.
“Even during these challenging economic times, the proposed budget keeps us on the right path towards continuing to reduce taxes while providing quality services,” said Mayor Jim Cason.
The City’s workforce would remain the same at 791 full-time employees. That’s fewer employees than the City has had in at least the past two decades.
The Capital Improvement program is budgeted at approximately $3 million. It includes funds for repairs/improvements to fire stations and the public safety building, as well as the replacement of playground equipment, and the purchase of green space.
The proposed budget takes care of the needs and services of residents and businesses in the here and now, while looking ahead and anticipating how we will meet these requirements in the future. “We will make the community proud of how our continued dedication to the heritage and tradition of Coral Gables adds value to our citizens; that we are an organization residents can trust and believe in, and one they can admire for the good that we do and the future direction towards which we steer,” stated City Manager Pat Salerno in his budget transmittal message to the Mayor and Commissioners.
There will be two public hearings in September before the final budget is adopted.