Resolution 2023-32763RESOLUTION NO. 2023-32763
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, ADOPTING: 1) THE TENTATIVE AD
VALOREM MILLAGE OF 5.8155 MILLS FOR FISCAL YEAR 2024 FOR
GENERAL OPERATING PURPOSES, WHICH IS TWELVE AND FIVE
TENTHS PERCENT (12.5%) MORE THAN THE "ROLLED -BACK" RATE
OF 5.1681 MILLS; AND 2) THE DEBT SERVICE MILLAGE RATE OF
0.3326 MILLS, SUBJECT TO A SECOND PUBLIC HEARING TO
CONSIDER THE MILLAGE RATE FOR FISCAL YEAR 2024 ON
WEDNESDAY, SEPTEMBER 27, 2023, AT 5:01 P.M.
WHEREAS, on July 26, 2023, the Mayor and City Commission adopted Resolution No.
2023-32717, which set the proposed Fiscal Year (FY) 2024 general operating millage rate at
5.8155 mills (excluding debt service) for general operating purposes and is the same as the
adopted FY 2023 general operating millage rate, and 0.3326 mills for debt service, which is an
increase of 0.0966 mills over the adopted FY 2023 debt service millage rate of 0.2360 mills that
is necessary to fund the required debt service for the Series 2019 General Obligation (G.O.)
Bonds, as well as the new 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 proposed FY 2024 general operating millage rate of 5.8155 mills 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 0.0499 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 tax rate and budget, the City Commission: 1) adopt a
tentative ad valorem millage rate for FY 2024 general operating purposes; and 2) adopt the
required debt service millage rate for FY 2024; 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 2024.
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 2024
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 5.8155 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 twelve and five -tenths percent (12.5%) more
than the "Rolled -back" rate of 5.1681 mills.
(b) For the purpose of providing payment on the principal and interest
portions of outstanding General Obligation Bond Debt and miscellaneous
debt service expenditures, the rate assigned amounts to 0.3326 mills.
(2) The tentatively adopted millage rates for the City of Miami Beach, Florida, for FY 2024
are subject to a second and final public hearing, herein set for and to be held on Wednesday,
September 27, 2023, at 5:01 p.m., in the Miami Beach Convention Center at 1901 Convention
Center Drive, Meeting Rooms 222-225, Miami Beach, Florida 33139.
PASSED AND ADOPTED this 13th day of September 2023.
ATTEST:
�-I-d SEP 2 0 2023
Rafael E. Granado, City Clerk
Dan Gelber, Mayor
APPROVED AS TO
FORM AND LANGUAGE
& FOR EXECUTION
City Attorney �� Date
MIAMI BEACH
COMMISSION MEMORANDUM
TO: Honorable Mayor and Members of the City Commission
FROM: Alina T. Hudak, City Manager
DATE: September 13, 2023
5:01 p.m. First Reading Public Hearing
SUBJECT:A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY
OF MIAMI BEACH, FLORIDA, ADOPTING: 1) THE TENTATIVE AD
VALOREM MILLAGE OF 5.8155 MILLS FOR FISCAL YEAR 2024 FOR
GENERAL OPERATING PURPOSES, WHICH IS TWELVE AND FIVE
TENTHS PERCENT (12.5%) MORE THAN THE "ROLLED -BACK" RATE OF
5.1681 MILLS; AND 2) THE DEBT SERVICE MILLAGE RATE OF 0.3326
MILLS, SUBJECT TO A SECOND PUBLIC HEARING TO CONSIDER THE
MILLAGE RATE FOR FISCAL YEAR 2024 ON WEDNESDAY, SEPTEMBER
27, 2023, AT 5:01 P.M.
RECOMMENDATION
See attached Memorandum.
FINANCIAL INFORMATION
See attached Memorandum.
Is this a "Residents Right Does his item utilize G.O.
to Know" item. pursuant to Bond Funds?
Cwty Code Section 2-14?
Yes No
Strategic Connection
Organizational Innovation - Ensure strong fiscal stewardship.
Legislative ]'racking
Office of Management and Budget
Page 1799 of 2938
Description
Memo - FY2024 Proposed Millage
Resolution
Page 1800 of 2938
MIAMI BEACH
City of Miami Beath, 1700 Convention Center Drive, Miami Beach, Florida 33 139, www.miomibeochfl.gov
COMMISSION MEMORANDUM
TO. Honorable Mayor Dan Gelber and Members of the City Commission
FROM: Alina T. Hudak, City Manager
DATE: September 13, 2023
SUBJECT: A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI
BEACH, FLORIDA, ADOPTING: 1) THE TENTATIVE AD VALOREM MILLAGE OF
5.8155 MILLS FOR FISCAL YEAR 2024 FOR GENERAL OPERATING PURPOSES,
WHICH IS TWELVE AND FIVE TENTHS PERCENT (12.5%) MORE THAN THE
"ROLLED -BACK" RATE OF 5.1681 MILLS; AND 2) THE DEBT SERVICE MILLAGE
RATE OF 0.3326 MILLS, SUBJECT TO A SECOND PUBLIC HEARING TO
CONSIDER THE MILLAGE RATE FOR FISCAL YEAR 2024 ON WEDNESDAY,
SEPTEMBER 27, 2023, AT 5:01 P.M.
STRATEGIC PLAN SUPPORTED
Organizational Innovation — Ensure strong fiscal stewardship
ADMINISTRATION RECOMMENDATION
The Administration recommends that the Mayor and City Commission adopt the Resolution, which
authorizes the City Manager to transmit the following information to the Miami -Dade County
Property Appraiser:
1) The Tentatively Adopted Millage Rates for Fiscal Year (FY) 2024:
General Millage 5.6636 mills
Capital Renewal & Replacement Millage 0.0499 mills
Pay -As -You -Go (PayGo) Millage 0.1020 mills
Total General Operating Millage 5.8155 mills (same as last year)
Voted Debt Service Millage 0,3326 mills (0.0966 increase over last year)
Total Combined Millage 6,1481 mills
2) The second public hearing to consider the final millage rates and budgets for FY 2024
shall be held on Wednesday, September 27, 2023, at 5:01 p.m., in the Miami Beach
Convention Center at 1901 Convention Center Drive, Meeting Rooms 222-225, Miami
Beach, Florida 33139.
Page 1801 of 2938
FY 2024 Proposed Millage
September 13, 2023
Page 2
PROCEDURE
Florida Statutes, Section 200.065, requires that at the first public hearing on the proposed tax rate
and budget, the City Commission proceed in the following specific manner:
Adopt a tentative ad valorem millage rate for FY 2024 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.
Adopt a tentative general operating budget for FY 2024, which also includes budgets for
Enterprise, Internal Service, Special Revenue, G.O. Bond Debt Service Funds, as well as
the City Tax Increment Financing (TIF) portion of the City Center RDA and North Beach
CRA. 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, 2023, the City received the 2023 Certification of Taxable Value from the Miami -Dade
County Property Appraiser. As summarized below, the City's overall property values increased
approximately $5.0 billion, or 10.8%, from the 2022 Certification of Taxable Value of $46.5 billion
to the 2023 Certification of Taxable Value of $51.5 billion, which includes a $4.8 billion, or 10.3%,
increase in the City's existing values and a $0.2 billion increase in new construction values.
> W
Existing Values
New Construction
Total Citywide
$46,544.694,070
0
$46,644,694,070
$51,346.874,323
213.897,907
$61,660,772,230
$4,802,180,253
213,897,907
10.3%
100.0%
$5,016,075,160
10.8%
cl4 CWW Igor►
NW1h OwghCRRA
K004226AD
tAi. IA"
W W&A=;,szz
1,7311~16
IiWPI AC
14DAMOA 77
2.7%
9.1%
Total Citywide — Net of RDA 3 CRA W,935,967,347
$43,642,187,192
$4,706,229,Ua
12.1%
PROPOSED MILLAGE RATE
There are two main components to the City's Total Combined millage rate, which are the Total
General Operating millage rate and the Voted Debt Service millage rate. The Total General
Operating millage rate, which is comprised of a General, a Capital Renewal and Replacement,
and a 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 required for the City's
outstanding General Obligation (G.O.) bonds.
Page 1802 of 2938
FY 2024 Proposed Millage
September 13, 2023
Page 3
The proposed Total General Operating millage rate for FY 2024 of 5.8155 mills provides funding
to offset increases in personnel costs, such as the annual required pension contributions, a 5
percent (%) Step increase for all Fraternal Order of Police (FOP) and International Association of
Fire Fighters (IAFF) positions, a 0-3% performance -based merit increase for all non -FOP and
IAFF 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.
The Voted Debt Service millage rate of 0.3326 mills provides funding of the annual debt service
required for the Series 2019 G.O. Bonds, as well as the new Series 2023A&B Arts and Culture
G.O. Bonds, that were approved by the voters on November 6, 2018 and November 8, 2022,
respectively, through the assessment, levy, and collection of ad -valorem tax on all property within
the City.
On November 6, 2018, the City of Miami Beach voters approved the issuance of a not to exceed
amount of $439.0 million in G.O. bonds to fund a total of 57 capital projects citywide, ranging from
vertical construction, roadwork, park constructions and renovations, technology implementation,
renewals and repairs, and underground infrastructure work. The issuance of these G.O. bonds is
currently divided into three tranches, as adopted by the City Commission. This will result in lower
initial property taxes paid by property owners and increases in property taxes required to fund
these G.O. bonds approved by the City of Miami Beach voters in 2018 to be phased in over time.
To date, Tranche 1 (Series 2019), which totals $152.5 million, has been issued with the remaining
balance of $286.5 million to be issued in future fiscal years.
On November 8, 2022, the City of Miami Beach voters approved the issuance of a not to exceed
amount of $159.0 million in Arts and Culture G.O. bonds to improve facilities for resiliency of arts
and cultural institutions throughout the City, including museums, performance venues, artistic
playgrounds, senior/cultural centers, botanical garden, aquatic sculpture park, and related
artist/workforce housing. The issuance of these Arts and Culture G.O. bonds is currently divided
into two tranches, as adopted by the City Commission. This will result in lower initial property
taxes paid by property owners and increases in property taxes required to fund the Arts and
Culture G.O. bonds approved by the City of Miami Beach voters in 2022 to be phased in over
time. To date, Tranche 1 (Series 2023A&B), which totals $101.7 million, has been issued with the
remaining balance of $57.3 million to be issued in future fiscal years.
The proposed Voted Debt Service millage rate for FY 2024 of 0.3326 mills is 0.0966 mills more
than the adopted FY 2023 Voted Debt Service millage rate of 0.2360 mills and funds the required
$16.3 million payment for FY 2024 that is comprised of the annual debt service for the Series
2019 G.O. Bonds and the annual debt service for the new Series 2023A&B Arts and Culture G.O.
Bonds.
t WWW
Um
SAM
� 0.0000
Capital Renewal & Replacement
0.0499
0.0499
0.0000
Pay,As-You-0o f*(3o)
0.1020
0.102
0.0000
Total General Operating Millage
5.8155
5.8155
0.0000
Debt service I
02M
Um
0.0m
Total Combined Millage !
6.0515
6.1481
0.0966
Page 1803 of 2938
FY 2024 Proposed Millage
September 13, 2023
Page 4
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 value of a homestead residence. Those increases are limited to 3.0% 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 values from the Miami -Dade County Property Appraiser (as of July 1, 2022),
the median homesteaded property value in the City of Miami Beach was $240,385 while the
average homesteaded property value was $664,556. For an existinq 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, the impact of the City's proposed FY 2024 Total Combined millage
rate of 6.1481 mills would be an increase of approximately 167 for the median homesteaded
property while the impact for the average homesteaded property would be $187 pursuant to the
SOH cap.
PropertiesHomesteaded
FY 2023
FY
2024
Preliminary Taxable value'
Median* Average*
$ 240,385
$ 664,556
Median
$ 247,597
Average
$ 684,493
City of Miami Beach
Operating
$ 1,398
$ 3,865
$ 1,440
$ 3,981
Voted Debt
57
157
82
228
Total Miami Beach
$ 1,455
$ 4,022
$ 1,522
$ 4,209
$ Change in Taxes
Operating
$ 42
$ 116
Voted Debt
25
71
Total Miami Beach
$ 67
$ 187
'Source: Miami -Dade County Property Appraiser's — 2022 average -median -homestead -residential -
values files
Impact on Non -Homesteaded Properties
The annual increase in the assessed value of a non -homesteaded property is capped at 10.0%
(excluding the School Board portion). While the average citywide increase in property values is
10.8%, the value of individual properties may increase up to, but not more than 10.0% (excluding
the School Board portion of the property tax bill). However, an individual property owner may see
an increase of more than 10.0% 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 10.0%.
Page 1804 of 2938
FY 2024 Proposed Millage
September 13, 2023
Page 5
OVERLAPPING JURISDICTIONAL OPERATING AND DEBT SERVICE MILLAGE RATES
Property owners in the City of Miami Beach must also pay property taxes to 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. For
FY 2024, these taxing authorities represent 67.5% of a Miami Beach property owner's tax bill.
The proposed FY 2024 countywide tax rate for Miami -Dade County decreased by 0.0462 mills
from 4.6202 to 4.5740 mills; the library tax rate remained flat at 0.2812 mills; and the debt service
millage decreased by 0.0498 mills from 0.4853 to 0.4355 mills. The tax rate for the Miami -Dade
School Board increased by 0.1100 mills from 6.5890 to 6.6990 mills. The Children's Trust tax rate
remained flat at 0.5000 mills. Combined, the millage rates for the South Florida Water
Management District, Okeechobee Basin, Everglades Project, and Florida Inland Navigational
District decreased by 0.0032 mills from 0.2621 to 0.2589 mills.
With the proposed rates for FY 2024, the Miami Beach portion of the tax bill is approximately
32.5% of the total tax bill. It is important to note that Miami -Dade County's total FY 2024 millage
rate of 5.2907 mills is 1.0953 mills, or 17.2%, less than Miami -Dade County's total FY 2007
millage rate of 6.3860 mills, as compared to the City's total FY 2024 millage rate of 6.1481 mills
that is 1.5249 mills. or 19.9%, less than the City's total FY 2007 millage rate of 7.6730 mills.
Further, the FY 2024 School Board millage of 6.6990 mills is 1.4060 mills, or 17.3%, less than the
FY 2007 School Board millage of 8.1050 mills. The significant difference in the total overlapping
millage rate is a direct result of the City's continuing effort to keep millage rates as low as possible.
A summary of the proposed rate changes is provided in the following table.
OVERLAPPING
% of
Proposed
VaHance
Variance
% of
FY 00
rr
.
r
TAX MILLAGE
Total00
City of Miami Beach
General Operating
7.1920
30.8%
5.6636
5.6636
(1.5284)
0.0000
30.0%
Renewal & Replacement
0.1820
0.8%
0.0499
0.0499
(0.1321)
0.0000
0.3%
Pay -As -You -Go Capital
0.0000
0.0%
0.1020
0.1020
0.1020
0.0000
10.5%
C/MuMno e
7 3740
31 d%
Um
it1A
hen
*AM
i�
Voted Debt Service
0.2990
1.3%
0.2360
0.3326
0.0336
0.0966
1.8%
st obw
sAM
22J%
assu
f►OW
hANl
s w.
n we
1 Miami Dade County
Countywide
5.615D
24.1%
4.6202
4.5740
(1.0410)
(0.D462)
24.2%
Library
0.4860
2.1%
0.2812
0.2812
(0.2048)
0.0000
1.5%
Debt Service
0.2850
1.2%
0.4853
0.4355
0.1505
(0.0498)
2.3%
Bohm"
tie
nAx
L3W
&AW
"AIM
*AM
School Board
8.1060
! 34.8%
6.6590
6.6990
(1.4060)
0.1100
36.5%
! Chddren's Trust
0.4223
i 1.8%
0.5000
0.5000
0.0777
0.0000
2.6%
Other
0.7355
3.2%
0.2621
0.2589
(0,4766)
(0.0032)
1.4%
Tebf
=JM
1MA%
1111.71111118
1 SAW
(M1h
L4
1NM
Page 1805 of 2938
FY 2024 Proposed Millage
September 13, 2023
Page 6
IMPACT OF COMBINED TAX RATES OF OVERLAPPING JURISDICTIONS ON
HOMESTEADED PROPERTIES
Based on last year's values from the Miami -Dade County Property Appraiser (as of July 1, 2022),
the median homesteaded property value in the City of Miami Beach was $240,385 while the
average homesteaded property value was $664,556. Applying the total combined millage rates
proposed for FY 2024 to the median and average taxable 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
$162 for the median and $447 for the average homesteaded residential tax bill in the City of Miami
Beach.
Median homesteaded properties would pay approximately $4,679 per homesteaded property,
combined, for all taxing jurisdictions, while the property taxes for average homesteaded properties
would be approximately $12,934 per homesteaded property. Of the taxing jurisdictions, the
highest component is the Miami -Dade School Board at $1,659 for a median valued homesteaded
property and $4,585 for an average valued 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 tax rates proposed for FY 2024 by jurisdiction.
P oiwhesey TarwW ft wr• s m w i 49%r
i l m
t •im
City of Miami Beach
Operating
S 1,398 $ 3,865
$ 1,440
$ 3,981
Voted Debt
57 157
82
228
$ 1,456 $ 4,022
$ 1,622
$ 4,2"
Total Miami Bosch
1.295 3,580
1.310
3,621
Miami Dade County
School Board
1,584 4,379
1,659
4.585
Other
183 506
188
519
Toth Combined
$ 4" $ %W
i 4
Change in Taxes
City of Miami Beach
Operating
$ 42
$ 116
Voted Debt
25
71
Total Miami Beach $ 67
$ 1a7
Miami Dade County
15 i
41
School Board
75
206
Other
5
13
TOW Couam
to
s 4a
'Source. Miami -Dade County Property Appraiser's — 2022 average -median -homestead -residential -
values files
Page 1806 of 2938
FY 2024 Proposed Millage
September 13, 2023
Page 7
As with the City of Miami Beach millage rates, the impacts of the combined jurisdictional millage
rates for non -homesteaded properties are based on individual property values.
Historical Perspective
The table below outlines the City's historical millage rate trend. For FY 2024, the City's Operating
millage rate is proposed to remain flat at 5.8155 mills, which is the same rate adopted for FY
2023.
Millage Rate History
7.0000
6 0000
5.0000
w 4.0000
0 3.0000
a
2.c000
1.0000
0.0000 FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY FY
2007 2006 20M 2010 2011 2012 2013 2014 2015 2018 2017 2018 2019 2020 2021 2022 2023 2024
. Debt Serv" MOO" 0.2990 0.2415 0.2375 0.2568 0.2870 0.21W 0.2568 0.2529 0.2295 0.2031 0.1798 0.1064 0.1600 0.2933 0.3227 0.2889 0.2360 0.3326
■ooe low M"" 7.3740 5.8555 5b555 5.6555 6.2155 6.1655 6.0909 5.8634 5. 7942 5. 7092 5. M92 5.7224 5. 7288 5. 7258 5.72a8 5. 76M 5.0155 5.8155
Total Comb.red 7.8730 5.8970 5.8930 59123 6.5025 6.4539 6.3477 &1163 6.0237 5.9123 5.8688 5.8886 5.8888 6.0221 6.0515 5.0515 6.0515 8.1481
STATUTORY REQUIREMENTS
Florida Statute 200.065, entitled "Method of Fixing Millage," establishes specific guidelines that
must be used by all local government entities in setting millage (property tax) rates. Under the
Florida Statute, the City is required, within 35 days of receipt of the "Certification of Taxable Value"
(received July 1, 2023), to advise the Miami -Dade County Property Appraiser of the proposed
Total General Operating millage rate, 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 2024.
The required Voted Debt Service millage rate must also be set at the same time as the Total
General Operating millage rate.
After setting the proposed FY 2024 millage rate, the Mayor and City Commission may, at any time
prior to final adoption, lower the proposed millage rates. However, increasing the proposed
millage rate 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)
statement sent to each property owner in the City of Miami Beach by the Miami Dade County
Property Appraiser by August 24, 2023.
Page 1807 of 2938
FY 2024 Proposed Millage
September 13, 2023
Page 8
MAXIMUM MILLAGE DETERMINATION
For FY 2024, the Total General Operating millage rate is proposed at 5.8155 mills. Based on the
2023 Certification of Taxable Value received from the Miami -Dade County Property Appraiser,
the levy of 5.8155 mills would generate approximately $252.9 million in General Fund property
tax revenues, which is an increase of approximately $26.4 million over the budgeted FY 2023
General Fund property tax revenues of $226.5 million (this excludes the City Center RDA and
North Beach CRA).
Adoption of the proposed Total General Operating millage rate of 5.8155 mills for FY 2024
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.
By August 4, 2023, the proposed millage rate was certified to the Miami -Dade County Property
Appraiser. The proposed millage rate was included in the TRIM notices that were mailed by the
Property Appraiser by August 24, 2023. 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.
As such, the proposed millage rate effectively sets the "ceiling" for the millage rate during the
budget process because it cannot be increased without sending out a new TRIM notice to all
property owners in the City of Miami Beach. However, the millage rate can remain the same or
be decreased throughout the remainder of the budget process until the final millage rates are
adopted by the Mayor and City Commission at the second public hearing scheduled to be held
on Wednesday, September 27, 2023, at 5:01 p.m., in the Miami Beach Convention Center at 1901
Convention Center Drive, Meeting Rooms 222-225, Miami Beach, Florida 33139.
SECOND PUBLIC HEARING
The second public hearing to adopt the final millage rate and budget for FY 2024 must be
advertised no later than 15 days after the first public hearing. For this reason, the second public
hearing has been set for Wednesday, September 27, 2023, at 5:01 p.m., in the Miami Beach
Convention Center at 1901 Convention Center Drive, Meeting Rooms 222-225, Miami Beach,
Florida 33139.
CONCLUSION
The Administration recommends adoption of the Resolution, which sets both the tentative total
general operating and voted debt service millage rates for FY 2024 at 5.8155 mills and 0.3326
mills, respectively, and sets the date, time, and place of the second public hearing to be held on
Wednesday, September 27, 2023, at 5:01 p.m., in the Miami Beach Convention Center at 1901
Convention Center Drive, Meeting Rooms 222-225, Miami Beach, Florida 33139.
ATH/JG/TOS
Page 1808 of 2938