Resolution 2024-33288 RESOLUTION NO. 2024-33288
•
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, ADOPTING: 1) THE TENTATIVE AD VALOREM
MILLAGE OF 5.8522 MILLS FOR FISCAL YEAR 2025 FOR GENERAL
OPERATING PURPOSES,WHICH IS NINE AND SIX TENTHS PERCENT(9.6%)
MORE THAN THE "ROLLED-BACK" RATE OF 5.3395 MILLS; AND 2) THE
DEBT SERVICE MILLAGE RATE OF 0.2959 MILLS, SUBJECT TO A SECOND
PUBLIC HEARING TO CONSIDER THE MILLAGE RATE FOR FISCAL YEAR
2025 ON WEDNESDAY, SEPTEMBER 25, 2024, AT 5:01 P.M.
WHEREAS, on July 24, 2024, the Mayor and City Commission adopted Resolution No.
2024-33220 that set the proposed Fiscal Year(FY)2025 general operating millage rate at 5.8522
mills for general operating purposes, which is 0.0367 mills more than the adopted FY 2024
general operating millage rate of 5.8155 mills, and 0.2959 mills for debt service, which is 0.0367
mills less than the adopted FY 2024 debt service millage of 0.3326 mills that is necessary to fund
the required annual debt service for the Series 2019 General Obligation (G.O.) Bonds, as well as
the Series 2023A&B Arts and Culture G.O. Bonds,that were approved by the voters on November
6, 2018 and November 8, 2022, respectively; and
WHEREAS, the general operating millage rate of 5.8522 mills proposed for FY 2025 is
comprised of a General millage rate of 5.6636 mills that funds operating costs in the General
Fund, a Capital Renewal and Replacement (CRR) millage rate of 0.0866 mills that provides a
dedicated source of funding for,renewal and replacement projects that extend the useful life of
General Fund capital assets,.and a Capital Pay-As-You-Go (PayGo) millage rate of 0.1020 mills
that provides a dedicated source of funding for General Fund capital projects; and
WHEREAS, Section 200.065, Florida Statutes, requires that at the conclusion of the first
public hearing on the City's proposed millage rate and budget, the City Commission: 1) adopt a
tentative ad valorem millage rate for FY 2025 general operating purposes; and 2) adopt the
required debt service millage rate for FY 2025; this is accomplished by adopting a Resolution
which includes the percentage increase or decrease over the "rolled-back" rate; and
WHEREAS, at this time, it is recommended that the City Commission set the second and
final public hearing to consider the aforementioned millage rates for FY 2025.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND THE CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, as follows:
(1) Pursuant to Section 200.065, Florida Statutes, there is hereby levied a tax for FY 2025
on all taxable and non-exempt real and personal property located within the corporate limits of
the City of.,Miami Beach, Florida, as follows:
(a) For the purpose of operating the government of the City, the rate assigned
amounts to 5.8522 mills. Also included are appropriate reserves and
contingencies, which are not limited to reserves for tax discounts and
abatements of uncollected taxes.
The millage rate reflected is nine and six-tenths percent (9.6%) more than
the "Rolled-back" rate of 5.3395.mills.
(b) For the purpose of providing payment on the principal and interest
portions of outstanding General Obligation (G.O.) Bond Debt and
miscellaneous debt service expenditures, the rate assigned amounts to
0.2959 mills.
(2)The tentatively adopted millage rates for the City of Miami Beach, Florida, for FY 2025
are subject to a second and final public hearing, herein set for and to be held on Wednesday,
September 25, 2024, at 5:01 p.m., in the City Commission Chambers at 1700 Convention Center
Drive, 3rd Floor, Miami Beach, Florida 33139.
PASSED AND ADOPTED this /( day of S4' m6PY , 2024.
ATTEST:
SEP 1 9 2024
en Meiner, Mayor
Rafael E. Granado, City Clerk
`SAP• C�,y,
INCORPORATED!•
Zr
h„; .... APPROVED AS TO
"" FORM&LANGUAGE
&FOR EXECUTION
0) 22-)247241"
Cf may Date
2
Resolutions - R7 A
MIAMIBEACH
COMMISSION MEMORANDUM
TO: Honorable Mayor and Members of the City Commission
FROM: Eric Carpenter, City Manager
DATE: September 16, 2024 5:01 p.m. First Reading Public Hearing
TITLE: A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, ADOPTING: 1) THE TENTATIVE AD VALOREM
MILLAGE OF 5.8522 MILLS FOR FISCAL YEAR 2025 FOR GENERAL OPERATING
PURPOSES, WHICH IS NINE AND SIX TENTHS PERCENT (9.6%) MORE THAN
THE "ROLLED-BACK" RATE OF 5.3395 MILLS; AND 2) THE DEBT SERVICE
MILLAGE RATE OF 0.2959 MILLS, SUBJECT TO A SECOND PUBLIC HEARING
TO CONSIDER THE MILLAGE RATE FOR FISCAL YEAR 2025 ON WEDNESDAY,
SEPTEMBER 25, 2024, AT 5:01 P.M.
RECOMMENDATION
The Administration recommends that the Mayor and City Commission adopt the attached
Resolution, which authorizes the City Manager to transmit the following information to the Miami-
Dade County Property Appraiser:
1) Tentatively Adopted Millage Rates for Fiscal Year (FY) 2025:
General Millage 5.6636 mills
Capital Renewal & Replacement Millage 0.0866 mills
Pay-As-You-Go (PayGo) Millage 0.1020 mills
Total General Operating Millage 5.8522 mills
Voted Debt Service Millage 0.2959 mills
Total Combined Millage 6.1481 mills (same as last year).
2) The second public hearing to consider the final millage rates and budgets for FY 2025
shall be held on Wednesday, September 25, 2024, at 5:01 p.m., in the City Commission
Chambers at 1700 Convention Center Drive, 3rd Floor, Miami Beach, Florida 33139.
BACKGROUND/HISTORY
See information provided below.
ANALYSIS
Florida Statutes, Section 200.065, requires that at the first public hearing on the proposed millage rate
and budget,the Mayor and City Commission proceed in the following specific manner:
1. Adopt a tentative ad valorem millage rate for FY 2025 general operating purposes. This is
accomplished by adopting a Resolution which includes the percentage increase or decrease over
the "rolled-back" rate; the required debt service millage rate; and, the date, time, and place of
the second public hearing.
State statute requires that only the title be read aloud.
Pane 4 of 7(14
2. Adopt a tentative general operating, budget for FY 2025, which includes the budgets for the
General, Enterprise, Internal Service, Special Revenue, and General Obligation (G.O.) Bond Debt
Service Funds, as well as the City's Tax Increment Financing (TIF) portion of the City Center
Redevelopment Area and North Beach Community Redevelopment Area.This is accomplished by
adopting a companion Resolution (see accompanying City Budget Agenda Item).
Both the millage and budget Resolutions must be adopted again after a second and final public hearing.
PROPERTY VALUES
On July 1,2024,the City received the 2024 Certified Taxable Values from the Miami-Dade County Property
Appraiser.As summarized below,the City's overall taxable property values increased approximately$4.8
billion, or 9.4%, from the 2023 Certified Taxable Values of $51.6 billion to the 2024 Certified Taxable
Values of$56.4 billion, which includes a $4.5 billion, or 8.8%, increase in the City's existing values and a
$0.3 billion increase in new construction values. Within the overall increase, however, property values
within the City Center Redevelopment Area and the North Beach Community Redevelopment Area
increased by 8.4%and 6.6%, respectively, compared to the previous year.
July 2023 July 2024 $
Certified Certified Change Change
Property Values:
Existing Values $51,560,772,230 $56,099,794,992 $4,539,022,762 8.8%
New Construction - 297,152,107 297,152,107 100.0%
Total $51,560,772,230 $56,396,947,099 $4,836,174,869 9.4%
City Center Redevelopment Area $6,188,026,922 $6,709,447,439 $521,420,517 8.4%
North Beach Community Redevelopment Area 1,730,558,116 1,844,424,002 113,865,886 6.6%
Total(Net of RDA&CRA) $43,642,187,192 $47,843,075,658 $4,200,888,466 9.6%
PROPOSED MILLAGE RATE
There are two (2) main components to the City's Total Combined millage rate, which are the General
Operating millage rate and the voted debt service millage rate.The General Operating millage rate,which
is comprised of a General, Capital Renewal and Replacement (CRR), and Capital Pay-As-You-Go (PayGo)
millage,funds General Fund operating and capital expenditures,while the voted debt service millage rate
funds the annual debt service for outstanding General Obligation (G.O.) bonds.
The General Operating millage rate proposed for FY 2025 of 5.8522 mills provides funding to offset
increases in personnel costs,such as the City's annual required pension contributions,a five percent(5%)
step increase for all Fraternal Order of Police (FOP) and International Association of Fire Fighters (IAFF)
positions and a 0-3% performance-based merit increase for all other positions, an increase in the City's
health insurance premiums for active employees and retirees,as well as increases in other General Fund
operating expenditures and dedicated funding for General Fund capital projects.
Unfunded Capital Needs
As presented by the Administration at the Finance and Economic Resiliency Committee (FERC) Budget
Briefing on July 12,2024,the City's FY 2025-2029 Capital Improvement Plan (CIP) reflects over$1.0 billion
of unfunded capital project needs over the next five (5)years.
As a result,and in an effort to meet the City Commission's goal of funding 5%of the annual General Fund
operating budget for capital needs in accordance with Resolution No.2006-26341,
Pane ..' of 7f14
the Administration recommended the following, which was approved by the FERC at the July 12, 2024
Budget Briefing:
1. Dedicated CRR Millage Adjustment
Realign the reduction in the required voted debt service millage rate in FY 2025 of 0.0285 mills
based on the 2024 Certified Taxable Values as of July 1, 2024 to the dedicated CRR millage rate.
This realignment would result in an estimated additional increase in dedicated CRR funding of
approximately$1.4 million in FY 2025.
2. General Fund Interest Income for Capital Projects
Allocate 25%,or approximately$2.0 million,of the total projected FY 2025 interest income in the
General Fund for one-time capital expenditures. Using General Fund interest income for one-time
expenditures is a prudent financial strategy for local governments, particularly given the volatility
of interest rates. Interest rates can fluctuate significantly due to economic conditions, monetary
policy, and market forces. Relying on interest income for recurring expenditures is risky, as a
decline in rates could lead to a shortfall in expected revenues and cause an unexpected deficit. By
using interest income for one-time expenditures, the City would avoid creating budget gaps, if
interest income decreases. The percentage of General Fund interest income to be allocated for
one-time capital expenditures will be increased by 5% per fiscal year on a recurring basis.
In addition, based on the finalization of the City's Annual Comprehensive Financial Report (ACFR) for the
fiscal year ending September 30, 2023 (FY 2023), approximately$0.4 million in prior year fund balance in
the G.O. Debt Service Fund was available for appropriation.At the July 12,2024 FERC Budget Briefing,the
Administration recommended that the available funding be appropriated in FY 2025 which reduced the
voted debt service millage for FY 2025 further by 0.0082 mills from 0.3041 mills to 0.2959 mills and realign
the additional decrease in the voted debt service millage to the dedicated CRR millage.This resulted in an
estimated additional increase in dedicated CRR funding of approximately $0.4 million, which was
recommended by the FERC at the July 12, 2024 FERC Budget Briefing.
The voted debt service millage rate provides dedicated funding for the annual debt service associated
with the City's outstanding G.O. Bonds. For FY 2025, this represents the annual debt service for the first
tranche (Series 2019) of the G.O. Bonds that were approved by the voters on November 6, 2018, and the
annual debt service for the first tranche (Series 2023 A&B) of the Arts and Culture G.O. Bonds that were
approved by the voters on November 8, 2022. Based on the 2024 Certified Taxable Values, the debt
service payments totaling approximately$16.3 million in FY 2025 require the levy of a voted debt service
millage rate of 0.2959 mills for FY 2025,which is 0.0367 mills less than the voted debt service millage rate
of 0.3326 mills adopted for FY 2024.
The Total Combined millage rate proposed for FY 2025 would remain flat at 6.1481 mills,as summarized
in the table below.
FY 2024 FY 2025 Increase/
Adopted Proposed (Decrease)
General 5.6636 5.6636 0.0000
Capital Renewal & Replacement(CRR) 0.0499 0.0866 0.0367
Capital Pay-As-You-Go(PayGo) 0.1020 0.1020 0.0000
Total General Operating Millage 5.8155 5.8522 0.0367
Voted Debt Service 0.3326 • 0.2959 , (0.0367)
Total Combined Millage 6.1481 6.1481 0.0000
Pane R of 7n4
IMPACT OF PROPOSED MILLAGE LEVY IMPACT ON PROPERTY OWNERS
Homesteaded Properties
In 1992,voters approved an amendment to the Florida Constitution known as Amendment 10,also known
as Save Our Homes(SOH).SOH is an assessment limitation, or"cap," on increases in the assessed taxable
value of a homesteaded property. Those increases are limited to 3%, or the percent change in the CPI
(Consumer Price Index),whichever is less.The"cap"goes into effect beginning the year after a homestead
exemption is granted.
Based on last year's taxable property values from the Miami-Dade County Property Appraiser as of July 1,
2023,the median homesteaded property value in the City was$265,595 while the average homesteaded
property value was$756,191. For an existing homesteaded property in the City that was not sold and/or
did not have any improvements or additions completed in the last year, the impact of the City's Total
Combined millage rate of 6.1481 mills proposed for FY 2025 would result in an increase of approximately
$49 for a median homesteaded property, while the impact for an average homesteaded property would
be$138 in accordance with the SOH cap.
Homesteaded Properties
FY 2024 FY 2025
Median* Average* Median Average
Preliminary Taxable Value* $265,595 $756,191 $273,563 $778,877
City of Miami Beach:
Operating $1,545 $4,398 $1,601 $4,558
Voted Debt 88 252 81 230
Total Miami Beach $1,633 $4,650• $1,682 $4,788
$Changes in Taxes:
Operating $56 $160
Voted Debt (7) (22)
Total Miami Beach $49 $138
*Source: Miami-Dade County Property Appraiser's—2023 average-median-homestead-
residential-values files
Non-Homesteaded Properties
The annual increase in the assessed taxable value of a non-homesteaded property is capped at 10%
(excluding the School Board portion).While the average citywide increase in property values is 9.4%,the
value of some individual properties may increase up to, but not more than 10% (excluding the School
Board portion of the property tax bill). However, an individual property owner may see an increase of
more than 10% if there is a change in ownership of a capped property resulting in a reset of the cap.
Another factor, if applicable, would be the value of new construction which can contribute to a property
value increase of more than 10%.
OVERLAPPING MILLAGE RATES
Property owners in the City of Miami Beach also pay property taxes that are levied by Miami-Dade County,
the Miami-Dade County School Board,the Children's Trust,the South Florida Water Management District,
Okeechobee Basin, Everglades Project, and the Florida Inland Navigational District (FIND). For FY 2025,
these taxing authorities represent 67.3%of a Miami Beach property owner's ad valorem tax bill.
The proposed FY 2025 countywide and library millage rates for Miami-Dade County remained flat at
4.5740 mills and 0.2812 mills, respectively, while the debt service millage rate for Miami-Dade County
decreased by 0.0084 mills from 0.4355 to 0.4271 mills.The millage rate for the Miami-Dade School Board
Panes 7 of 7n4
decreased by 0.0970 mills from 6.6990 to 6.6020 mills.The Children's Trust millage rate remained flat at
0.5000 mills and the millage rates for the South Florida Water Management District, Okeechobee Basin,
Everglades Project, and Florida Inland Navigational District, combined, remained flat at 0.2589 mills.
Based on the rates proposed for FY 2025, the Miami Beach portion of the ad valorem tax bill is
approximately 32.7% of the total ad valorem tax bill. It is important to note that Miami-Dade County's
total combined millaqe rate proposed for FY 2025 of 5.2823 mills is 1.1037 mills,or 17.3%,less than Miami-
Dade County's total FY 2007 millaqe rate of 6.3860 mills, as compared to the City's total combined millaqe
rate of 6.1481 mills proposed for FY 2025 that is 1.5249 mills, or 19.9%, less than the City's total FY 2007
millaqe rate of 7.6730 mills. Similarly, the School Board millage proposed for FY 2025 of 6.6020 mills is
1.5030 mills, or 18.5%, less than the FY 2007 School Board millage of 8.1050 mills. These differences are
a direct result of the City's continuing effort to keep millage rates as low as possible.
A summary of the proposed millage rate changes by taxing authority is provided in the table below.
of Variance Variance %of
OVERLAPPING FY 2007 FY 2007 FY 2024 Proposed from from FY 2025
TAX MILEAGE Total FY 2025 FY 2007 FY 2024 Total
City of Miami Beach , .
General Operating 7.1920 30.8% 5.6636 5.6636 (1.5284) 0.0000 30.1%
Renewal&
0.1820 0.8% 0.0499 0.0866 (0.0954) 0.0367 0.5%
Replacement
Pay-As-You-Go 0.0000 0.0% 0.1020 0.1020 0.1020 0.0000 0.5%
Capital
' Operating Millage. 7.3740 31.6% 5.8155 5.8522 (1.5218) 0.0367 31.1%
Voted Debt Service 0.2990 1.3% 0.3326 0.2959. (0.0031) (0.0367) 1.6%
Subtotal 7,6730 32.9% 6.1481 6.1481 (1.5249) 0.0000 32.7%
Miami Dade County
Countywide 5.6150 24.1% 4.5740 4.5740 (1.0410) 0.0000 24.3%
Library 0.4860 2.1% 0.2812 0.2812 (0.2048) 0.0000 1.5%
Debt Service 0.2850 1.2% 0.4355 0.4271 0.1421 (0.0084) 2.3%
Subtotal 6.3860 27.4% 5.2907 5.2823 (1.1037) (0.0084) 28.1%
School Board 8.1050 34.8% 6.6990 6.6020 (1.5030) (0.0970) 35.1%
Children's Trust 0.4223 1.8% 0.5000 0.5000 0.0777 0.0000 2.7%
Other 0.7355 3.2% 0.2589 0.2589 (0.4766) 0.0000 1.4%
Total 23.3218 100.0% 18.8967 18.7913 (4.5305) (0.1054) 100.0%
IMPACT OF COMBINED TAX RATES ON HOMESTEADED PROPERTIES
Based on last year's values from the Miami-Dade County Property Appraiser as of July 1,2023,the median
homesteaded property value in the City of Miami Beach was $265,595 while the average homesteaded
Pane R of 2(14
property value was$756,191.Applying the millage rates proposed for FY 2025 for all taxing authorities to
the median and average homesteaded values for an existing homesteaded property in the City of Miami
Beach that was not sold and/or did not have any improvements or additions completed in the last year
results in a combined property tax increase of approximately $122 for the median and $344 for the
average homesteaded property value in the City of Miami Beach.
A median value homesteaded property would pay approximately $5,141 for all taxing authorities
combined, while an average value homesteaded property would pay approximately $14,635 combined.
Of the taxing authorities,the highest component is the Miami-Dade School Board at$1,806 for a median
value homesteaded property and$5,142 for an average value homesteaded property in the City of Miami
Beach.
The following table provides a summary of changes in the property taxes levied for an existing
homesteaded property that has not been sold and/or had any improvements or additions completed in
the last year using the millage rates that are proposed for FY 2025 by taxing authority.
Impact on Homesteaded Properties
FY 2024 FY 2025
Median* Average* Median Average
Preliminary Taxable Value* $265,595 $756,191 $273,563 $778,877
City of Miami Beach:
Operating $1,545 $4,398 $1,601 $4,558
Voted Debt 88 252 81 230
Total Miami Beach : $1,633 $4,650 $1,682 $4,788
Miami-Dade County $1,405 $4,001 $1,445 $4,114
Miami-Dade School Board 1,779 5,066 1,806 5,142
Other 202 574 208 591
Total Combined $5,019 $14,291 $5,141 -$14,635
$Changes in Taxes:
City of Miami Beach
Operating $56 $160
Voted Debt (7) (22)
Total Miami Beach $49 $138
Miami-Dade County $40 $113
Miami-Dade School Board 27 76
Other 6 17
Total Combined $122 $344
*Source: Miami-Dade County Property Appraiser's—2023 average-median-homestead-
residential-values files
As with the City of Miami Beach millage rates,the impacts of the combined millage rates for other taxing
authorities on non-homesteaded properties are based on individual property values.
Historical Perspective
The table below outlines the City's historical millage rate trend. For FY 2025, the City's Total Combined
millage rate is proposed to remain flat at 6.1481 mills,which is the same rate adopted for FY 2024.
Pane A of 7n4
Millage Rate History
r -
6.6000 -6:5025 6.4539
441-
6.4000 * 6 3477
0287 o
0288
6.1481 6.1481
6.2000 g,. 0 256 61163
0.1083 6.0515 6.0515 6.0515
0.1083 Pr, g 6.0237 6.0221
0.1083 o54. 0 295'
6.0000 • 59123-5-8888-58888•-5.8888 i g°={ D332
Pit-07 0 288 t s : `
5.8000 • - 0.1083 r no a 0.1 664 0160D v " '`�"- 7L •
0-1083 v• im* 0.1519 0.1519 0.1886
0.1083 0� 0.0990 0.0990 0.0990 0.0990
5.6000 •
6.1072 6.0572
5,9826
5.4000 • - -5-7551' - - - - - •
5.6859 5.6009 5.6857 5.6989 5.6298 5.6298 5.6298 5.6636 5.6636 5.6636 5.6636
5.2000
5.0000 _ - - _. - -
FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020' 2021 2022 2023 2024" 2025
■Operating Mtlage ❑Capital Millage(PayGo&CRR) °Voted Debt Service
J
*Increase in FY 2020 millage attributed to issuance of Tranche 1 (Series 2019)of General Obligation
(G.O.)Bonds approved by the voters on November 6, 2018
**Increase in FY 2024 millage attributed to issuance of Tranche 1 (Series 2023A&B)of Arts and
Culture(G.O.)Bonds approved by the voters on November 8,2022
TRUTH-IN-MILLAGE PROCESS
Florida Statute 200.065, entitled "Method of Fixing Millage," establishes specific guidelines that must be
used by all local government entities in setting its millage(property tax) rates. Under the Statute,the City
is required, within 35 days of receipt of the "Certification of Taxable Value" (received July 1, 2024), to
advise the Miami-Dade County Property Appraiser of the Total General Operating millage rate proposed,
the calculated "rolled-back" rate, and the date,time, and place of the first public hearing to consider the
proposed millage rates and budgets for FY 2025.The required voted debt service millage rate must also
be set at the same time as the Total General Operating millage rate.
Maximum Millage Determination
After setting the proposed millage rates, the Mayor and City Commission may, at any time prior to final
adoption, lower the proposed millage rates. However, increasing the proposed millage rates may only be
accomplished by completing an expensive mailing and advertising process to every property owner in the
City of Miami Beach.The City's proposed millage rates, as well as those of other taxing authorities,will be
included in the Truth-in-Millage (TRIM) notice to be sent to each property owner in the City of Miami
Beach by the Miami Dade County Property Appraiser by August 24, 2024.
For FY 2025, the Total General Operating millage rate is proposed at 5.8522 mills. Based on the 2024
Certified Taxable Values received from the Miami-Dade County Property Appraiser as of July 1, 2024,the
Panes 1 n of?n4
levy proposed would generate approximately$278.2 million in General Fund property tax revenues,which
is an increase of approximately $25.3 million over the budgeted FY 2024 General Fund property tax
revenues of $252.9 million (this excludes the City Center Redevelopment Area and North Beach
Community Redevelopment Area).
Adoption of the Total General Operating millage rate of 5.8522 mills proposed for FY 2025, therefore,
requires a two-thirds approval (5 of 7 votes) by the Mayor and City Commission per the State of Florida's
Truth-in-Millage (TRIM) requirements.
The proposed millage rates were certified to the Miami-Dade County Property Appraiser and were
included in the TRIM notices that were mailed by the Miami-Dade County Property Appraiser.The purpose
of the TRIM notice is to notify property owners of how much their property taxes could potentially
increase or decrease, and which governmental entity is responsible for the taxes levied.
The millage rates proposed effectively set the "ceiling" for the millage rates during the budget process
because they cannot be increased without sending out a new TRIM notice to all property owners in the
City of Miami Beach. However, the millage rates can remain the same or be decreased throughout the
remainder of the budget process until the millage rates are adopted by the Mayor and City Commission
at the second and final public hearing.
Second Public Hearing
The second public hearing to adopt the final millage rates and budgets for FY 2025 must be held no later
than 100 days, or earlier than 97 days, from the start of the TRIM calendar(July 1st). In addition, it must
be advertised no later than 15 days after the first public hearing and must be held two (2)to five (5) days
after the advertisement appears in the newspaper.
For this reason, the second public hearing is recommended to be held on Wednesday, September 25,
2024, at 5:01 p.m., in the City Commission Chambers at 1700 Convention Center Drive, 3rd Floor, Miami
Beach, Florida 33139.
FISCAL IMPACT STATEMENT
See information provided above.
Does this Ordinance require a Business Impact Estimate?
(FOR ORDINANCES ONLY)
If applicable, the Business Impact Estimate (BIE) was published on:
See BIE at: https://www.miamibeachfl.gov/city-hall/city-clerk/meeting-notices/
FINANCIAL INFORMATION
See information provided above.
CONCLUSION
The Administration recommends that the Mayor and City Commission adopt the Resolution,which
tentatively adopts the total general operating and voted debt service millage rates for FY 2025 at
5.8522 mills and 0.2959 mills, respectively, and sets the date, time, and place of the second and
final public hearing to be held on Wednesday, September 25, 2024, at 5:01 p.m., in the City
Commission Chambers at 1700 Convention Center Drive, 3rd Floor, Miami Beach, Florida 33139.
EC/JDG/TOS/RA
Panp 11 of 7f4
Applicable Area
Citywide
Is this a "Residents Right to Know" item, Is this item related to a G.O. Bond
pursuant to City Code Section 2-17? Protect?
Yes No
Was this Agenda Item initially requested by a lobbyist which, as defined in Code Sec. 2-481,
includes a principal engaged in lobbying? No
If so, specify the name of lobbyist(s) and principal(s):
Department
Management and Budget
Sponsor(s)
Co-sponsor(s)
Condensed Title
5:01 p.m. 1st Rdg PH, Adopt Tentative Ad Valorem Millage for Gen. Operating Purposes. OMB
Pane 17 of 7n4,