R7A1-Adopt Final Ad Valorem And Debt Service Millagelntended Outcome
Financial lnformation:
COMMISSION ITEM SUMMARY
AGENDA ITEH R7 A I
Gondensed Title:
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH,
FLORIDA, ADOPTING: 1) THE FINAL AD VALOREM MILLAGE OF 5.7092 MILLS FOR GENERAL
oPERATING pURPOSES, WHTCH tS TWELVE AND NtNE-TENTHS PERCENT (12.9%) MORE THAN
THE "ROLLED-BACK" RATE OF 5.0584 MILLS; AND 2) THE DEBT SERVICE MILLAGE RATE OF
0.2031 MILLS
Ensure expenditure trends are sustainable over the long term
Supporting Data (Surveys, Environmental Scan, etc.):
ln the 2014 Community Survey, both residents and businesses reported the following area for the City
related to value for taxes paid:. Percentage of residents rating the Overall Value of City services for tax dollars paid as excellent or
Residents: 58%; Businesses 54%
Item Summarv/Recommendation :
The Administration recommends a total combined millage rate for the City of Miami Beach of 5.9123, which
represents a decrease of 0.1114 mills. This amount meets the remaininq millaqe rate qoal to lower the
millage rate to the level in FY 2009/10 as property values have increased over time. ln addition, the
proposed millaoe rate does not result in a propertvtax increase to median or averaqe prooertvowners that
qualifv for the homestead exemotion and the Save Our Homes cap.
The final adopted combined millage rate of 5.9123 mills is 0.1114 mills less than the 6.0237 combined
millage rate for FY 2014115. The final adopted operating millage of 5.7092 mills for FY 2015116 is 0.6508
mills more than the rolled-back rate of 5.0584, and thus, the City is required to publish a Notice of Tax
lncrease. Theproposedoperatingmillagerateof S.T)g2requiresamajorityapproval (4of 7 votes)of the
Commission.
Finance & Citywide Projects Committee meetings on June 3d, July 1't, and July 17th, 2015
Source ofW6,B,pl \-/
Amount Account
1
2
Total
Financial lmpact Summary: lncluding the proposed millage rate for FY 2015116, the City has
decreased the millage by 0.5902 mills in the last five years and combined millage rates today remain more
than 2.8 mills lower, or 33 percent, than in FY 1999/00 and approximately 1.7 mills lowerthan in FY
200G107. As a result, the prooosed prooertv tax lew is onlv $4 million more in FY 2015/16 than it was in
FY 2006107.
B MIAMIBHACH onre ?-30-lS133
r9r5.20r5
TO:
FROM:
DATE:
SUBJECT:
the City mission
{,/zL&{".A*ffim&,{:W
City of Miomi Beoch, ,I700 Convention Center Drive, Miomi Beoch, Florido 331 39, www.miomibeochfl.gov
COMMISSION MEMORANDUM
Mayor Philip Levine and Members
Jimmy L. Morales, City Manager
September 30, 2015
A RESOLUTION OF THE MAYOR CITY COMMISSION OF THE CITY OF MIAMI
BEACH, FLORIDA, ADOPTING: 1) THE FINAL AD VALOREM MILLAGE OF 5.7092
MILLS FOR GENERAL OPERATING PURPOSES, WHICH IS TWELVE AND NINE.
TENTHS PERCENT (12.9o/ol MORE THAN THE',ROLLED-BACK'RATE OF 5.0584
MILLS; AND 2) THE DEBT SERVICE MILLAGE RATE OF 0.2031 MILLS
ADMINISTRATION RECOMMENDATION
The Administration recommends that the City Commission adopt the attached Resolution which
sets the following:
1) Final Millage Rates for FY 2015116:
General Operating 5.6009 mills (0.0850 decrease from last year)
Capital Renewal & Replacement 0.1083 mills (same as last vear)
Sub-Total Operating Millage 5.7092 mills (0.0850 decrease from last year)
Voted Debt Service 0.2031 mills (0.0264 decrease from last vear)
Total 5.9123 mills (0.1114 decrease from last year)
2) The finaladopted combined millage rate of 5.9123 mills is 0.1114 mills less than the 6.0237
combined millage rate for FY 2014115. The final adopted operating millage of 5.7092 mills for
FY 2015/16 is 0.6508 mills more than the rolled-back rate of 5.0584, and thus, the City is
required to publish a Notice of Tax lncrease.
The "Rolled-Back" millage rate for FY 2015116 is the millage rate required to produce the same
level of property tax revenues in the General Fund in FY 2015/16 as anticipated to be received in
FY 2014115. lt is important to note, that the January 1,2014, tax roll Citywide declined by almost
$832.6 million (3.1o/o) between the July 1, 2014 valuation and the July 1 , 2015 valuation due to
appeals, adjustments, etc, which is part of the reason the FY 2015116 "rolled-back rate" is 0.7358
mills lower than the FY 2014115 current millage rate and lower than it would be if the rollback rate
was only adjusted for the increase in revenues generated by higher property values. The area
outside of City Center RDA, which impacts General Fund revenues, declined in value by
approximately $550.9 million during the same period of time.
134
FY 2015/16 Final Millage
September 30, 2015
Page 2
The final adopted millage rate provides funding in the proposed budget to partially offset the
following:
. $4.2 million in program and service levelenhancements
. $2.8 million for annualized costs for enhancements added during the FY 2014115 budget
process
. $2.5 million for increases in pension costs
. $2.2 million for 2 percent merit increases for employees to the maximum of their pay ranges
. $2.1 million for enhancements added mid-year during FY 2014115
. $1.2 million for increases in leave payouts
PROCEDURE
Florida Statutes 200.065 requires that at the conclusion of the second public hearing on the final
tax rate and budget, the City Commission proceed in the following specific manner:
1. Adopt a final ad valorem millage rate for FY 2015/16 operating purposes. The statute
requires the name of the taxing authority, the "Rolled-Back" rate, the percentage increase
or decrease over the "Rolled-Back" rate, and the millage rates be publicly announced
before the adoption of the millage levy resolution.
State statute requires that only the title be read aloud.
2. Adopt a final general operating budget for FY 2015116. Also included, are budgets for the
Enterprise, lnternal Service, and Special Revenue Funds. This is accomplished by
adopting a companion Resolution. (See accompanying City Budget Agenda ltem).
SUMMARY
ln FY 2010111 the city's approach to addressing the then deficit of $32 million included a
distribution of the shortfall between taxpayers and employees. Taxpayers had their tax rate
increased from 5.9123 to 6.5025, an increase of 0.5902 mills. The goal of the Commission has
been to bring them back to that level as property values increase over time. lt should be
remembered that between FY 2009/10 and FY 2010111 values declined by $Z.O billion driving the
need for an increase in the millage.
ln FY 2011112 the City took its first step in that direction with a reduction in the millage rate of
0.04S6mills.ThemillagerateforFY20l2fi3reducedthemillagebyanadditional0.l062mills. ln
the FY 2013114 budget, the millage rate was reduced 0.2314 mills and in the FY 2014115 budget
the millage rate was reduced 0.0926 mills. Overfouryears, this reduction represented 81 percent
of the goal to get back to a millage rate of 5.9123. The remaining goal for millage reduction is
0.1114.
For FY 2015116, the Administration proposes a total combined millage rate for the City of Miami
Beach of 5.9123, which represents a decrease of 0.1114 mills. This amount meets the remaininq
millaqe rate ooal to lower the millage rate to the level in FY 2OOgllO as property values have
increased over time. ln addition, the final millaqe rate does not result in a oropertv tax increase to
median or averaqe propertv owners that qualifu for the homestead exemption and the Save Our
Homes cap.
135
FY 2015/16 Final Millage
September 30, 2015
Page 3
The total final operating millage includes a general operating millage rate of 5.6009 which is a
decrease of 0.0850 from 5.6859 in FY 2014115 and a General Fund Capital Renewal and
Replacement millage of 0.1083, which is proposed to remain flat. The final voted debt service
millage rate is adjusted from 0.2295 to 0.2031, a decrease of 0.0264 mills.
It is important to remember that in prior years, the City of Miami Beach significantly reduced tax
rates as property values increased. Between FY 1999/00 and FY 2009110, total combined City of
MiamiBeach propertytax rates declined approximately2.S mills. lnFY 2007108 alone, the millage
rate declined by approximately 1 .8 mills, with annual savings to the average homesteaded property
of over $400. Further, despite an adjustment of 0.56 mills in the operating tax rate in FY 2010111,
City of Miami Beach adopted combined millage rates today remain more than 2.7857 mills lower
than in FY 1999/00 (33 percent), and 1.6493 mills lower than 2006/07 (22 percent).
ANALYSIS OF PROPERTY VALUES IN MIAMI BEACH
On July 1,2015, the City received the "2015 Certification of Taxable Value" from the Property
Appraiser's Office stating that the taxable value for the City of Miami Beach is $30.7 billion including
$267.0 million in new construction. The preliminary 2015 value represents an increase of $3.6
billion or 13.3 percent more than the July 1,2014, Certification of Taxable Value of $27 .1 billion.
The comparative assessed values for the Miami Beach Redevelopment Agency City Center
redevelopment district increased from $4.2 billion to $4.8 billion an increase of $635 million or a
15.2 percent increase over 2014 certified values. Citywide values excluding City Center increased
from $22.9 billion to $25.9 billion, an increase of $3.0 billion or 12.9 percent. Values outside the
City Center area determine General Fund revenues.
COMPARATIVE ASSESSED VALUES
Jon. 1 2O14 Volue (in billionsl
"/, Cho
Jon. l,2Ol5
Volue (in
billionsl
Chonge trom 2014
Volue (Budoetl
As of July I , 2014
lFor 2O14/15
Budqetl
Revised Volue
lFor 2Ol4/15
Proiectionl
Chonge in
2014
Volues
As of July I , 2015
lFor 2015/16
Brrdoetl
$
(in billionsl "/" Cho
TotolCitywide $ 22.1038 $ 26.2712 (0.83261 -3.17"$ 30.6979 $ s.sqzt 13.3%
RDA - City Ctr $ 4.1867 $ s.soag $ (0.2818)-6.77"$ Lezte $ 0.6349 | 5.2"/"
Sitywide Net of
Citv Center $ zz.stzt $ 22.3663 $ (0.5508)-2.4"/"$ 2s.876s $ 2.9592 12.9y"
136
FY 2015/16 Final Millage
September 30, 2015
Page 4
DETERMINING THE OPERATING MILLAGE LEVY
The first building block in developing a municipal budget is the establishment of the value of one
mill of taxation, wherein the mill is defined as $1.00 of ad valorem tax for each $1,000 of property
value. For the City of Miami Beach, the value for each mill is determined by the 2015 Certification
of Taxable Value and has been set at $30.7 million. Florida Statutes permit a discount of up to five
percent for early payment discounts, delinquencies, etc. Therefore, the 95 percent value of the mill
is $29.1 million. Net of Center City RDA tax increment available to the General Fund, the value of
one mill at 95 percent is $25.1 million.
IMPACTS OF CHANGES IN PROPERTY VALUES
For FY 2015116, the final operating millage rate for general City operations is 5.7092, which is
0.0850lessthaninFY2014/15. BasedontheJulyl,2}ll,CertificationofTaxableValue,S.T092
mills would generate approximately $143,162,000 in general tax revenues, an increase of
$15,403,000 over FY 2014115 budgeted property tax revenues Citylide (General Fund and City
Center RDA).
Further, the January 1,2014,tax roll Citywide declined by $892.0 million between the July 1,2014
valuation and the July 1 , 2015 valuation due to appeals, adjustments, etc., which is part of the
reason that the FY 2015/16 "rolled-back rate" is significantly less than the FY 2014115 current
millage rate. The value of the area outside of City Center RDA declined by almost $550.9 million.
STATE LEGISLATED OPERATING MILLAGE REQUI REM ENTS
Pursuant to recently enacted State legislation, the City may elect to approve millage rates above
the roll-back rate up to the constitutional cap of 10 mills subject to the following votes by the
Commission or referendum:
. Option l:A majorityof the approvalof the Commission Millage is required to approve a millage
up to 6.61 12 (equivalent to 1 .96 percent increase in property tax revenues). The 1 .96 percent
increase is the state per capita personal income gain for the prior calendar year.
. Option ll: A two-thirds approval (5 of 7 votes) of the Commission is required to approve a
millage upto7.2723 (equivalent to a 10% increase in the ad valorem revenues above Option l).
. Option lll: A unanimous approval of the Commission or referendum is required to approve a
millage above 7.2723 up to the 10 millcap
The final operating millage rate of 5.7092 therefore requires a majority approval (4 of 7 votes) of the
Commission.
DETERMINING THE VOTED DEBT SERVICE MILLAGE LEVY
The general obligation debt service payment for FY 2015116 is approximately $5.9 million. Based
on the July 1, 2015 Certified Taxable Value from the PropertyAppraiser, these bondswould require
the lew of a voted debt service millage of 0.2031 mills. This represents a decrease of 0.0264 mills.
137
FY 2015/16 Final Millage
September 30, 2015
Page 5
GOMBINING THE OPERATING AND VOTED DEBT SERVICE MILLAGE LEVY
At the July 31 ,2015 Commission meeting, the Commission set the general operating millage rate
at 5.6009, which is a decrease of 0.0850 from 5.6859 in FY 2014115; a General Fund Capital
Renewal and Replacement millage of 0.1083, which is proposed to remain flat; and the final voted
debt service millage rate is adjusted from 0.2295 to 0.2031, a decrease of 0.0264 mills.
lllustrated below is a comparison of the combined millage rates and ad valorem revenues to the
City of Miami Beach for FY 2014115 and FY 2015116 (preliminary) including RDA. lt is
recommended that in the General Fund, 0.1083 mills of the totaloperating millage continue to be
dedicated to renewal and replacement, resulting in approximately $2.7 million in renewal and
replacement funding.
IMPACT OF ADOPTED MILLAGE ON PROPERTY OWNERS
Homesteaded Properties
Amendment 10 to the State Constitution took effect on January 1 , 1995 and limited the increase in
assessed value of homesteaded property to the percentage increase in the consumer price index
(CPl) or three percent (3%), whichever is less. For 2014, the CPI has been determined to be 0.8
percent and therefore, the increase is capped at 0.8% for increased values as of January 1,2015.
Overall, based on the homesteaded properties in the January 1,2014 homestead values as of July
1,2014 valuation, the median value of homesteaded property in Miami Beach for 2014 was
$143,680, and the average $351,189. Applying the increase to the marketvalue of all existing
homesteaded properties from the2014 tax roll, and the 0.8 percent CPI adjustment, the impact of
the millage rate adjustment to homesteaded properties would be as shown in the following table.
Homesteaded Properties
FY 2011115
FY 20L5lt6
with 0.8% CPI
liledian Awraoe iredian Averaoe
1014 Preliminary Taxable Value 3 't43.680 3 351.189 s 144,829 3 353.9rX)
C-lty oJ Miami Bgach
Opelating
Vot€d Debt
Total Mami B6ach
$ 833
33
$ 2:035
81
$ 827
29
$ 2,02'l
72
$ 866 $ 2,116 s 856 S 2.0S3
D Chgnge in T-ares
Op€rarFg
yglqd-D€bt.- _
Total Miami Beach
$ 16) $ (:14
t4l t9
3 rl0) 3 (23
' Source: Miami-Dade County Prcp€rty Appraiseds - 201+a\€ra9e-median-homestead-residontial-\6lues file
City of Miami Beach Millage Rates
Operating
Capital Renewal & Replacement
Sub-total Operating Millage
Debt Service
Total
FY 06/07
7.1920
0.1820
FY 14115
5.6859
0.1083
-1.5o/o -22.60/o
'11.5o/o '32.1o/o
138
FY 2015/16 Final Millage
September 30, 2015
Page 6
Non-Homesteaded Properties
The annual increase in market value of a non-homestead property is capped at 10 percent (does
not apply to school millages). The city-wide average increase in property values is 13.3 percent.
The property value of individual properties may increase up to, but not more than 10 percent
(excluding the school millage portion of the property tax bill). However, an individual property
owner may see a higher than 10 percent increase if there is a change in ownership of a capped
property resulting in a reset of the cap. Another potential factor, if applicable, would be the value of
new construction which could contribute to a property value increase of higher than 10 percent.
H istorical Perspective
It is important to remember that in prior years, the City of Miami Beach significantly reduced tax
rates as property values increased. Between FY 1999/00 and FY 2009/10, property tax rates
declined approximately 2.8 mills. ln FY 2007108 alone, the property tax rate declined by
approximately 1.8 mills, with annual savings to the average homesteaded propertyof over$400. ln
addition, in FY 2005/06 and FY 2006107, the City funded $200 and $300 homeowner dividends
paid to homesteaded property owners in the City.
Property Volue, Milloge ond Property Tox Levy
Toxoble
Volues Chort
Toxoble
Property Volues
lhillionsl
Finol/Revise
d Toxoble
Volues
{billions)
Millooe Rotes Tox Lew {in millions)
Totol
Combined
Citywide
Millooe
Gnerol
Fund,/RD
A Millooe
Totol Tox Levy
inclrdino Dehi
Generol
Fund Totol
lincluding S.
Pointe, ond
Renewol &
FY 1997 /98 $ 6.46 $ 6.40 9.2 100 7.4990 $ 57.a5 s 4678
FY1998/99 s 6.97 $ 6.87 8.9830 7.4990 $ 60.32 $ 44.66
FY1999/OO $ 766 $ 7.s4 8.6980 7.4990 $ 64.29 $ 47.36
FY2000,/o l $ 8.37 $ 822 8.5s50 7 3990 $ 69.08 $ 49.7 5
FY2001 /O2 $ 940 $ 9.22 8.3760 7.2990 $ 75 97 s 54.37
FY2OO2/O3 $0.56 $o.41 8.3220 7 2990 $ 84.81 $ 61.0s
tY2003/oa $2.O9 $185 8.1730 7.2990 $ 9s.39 $ 68.17
FY2004/Os $4.O4 $3.86 8.1730 7 4250 $to 74 $ 79.38
rY2005/06 $7.45 s 7.\ 5 8.0730 7.4810 $35.9 r $169
FY2006/O7 $ 22.74 $ 22.26 7.6730 7.3740 $68.38 $40.3 r
FY2007 /OB $ 26Bs $ 26.14 5 8970 5.6555 $50.42 $25.3 3
FY2008/O9 $ 26.90 $ 25.89 5.8930 5.6555 S 50.59 $5.94
FY2009/0 $ 2470 $ 23.24 5 9123 5.6555 $38.70 $s.73
tY20 o/$ 22.10 $ 20.97 6.s025 6.21 55 $36.55 $2.14
FY20 1/2 $ 2t 98 $ 207s 6.4539 6. I 655 $34.7 5 $1.29
FY20 2/3 $ 23.07 $ 22.02 6.3477 6.0909 $39 tO $4.32
tY20 3/4 $ 24.66 $ 236a 6.r 163 5.8634 $43.26 $741
FY2O 4/J $ 27.\O $ 26.27 6.0237 5.7942 $55 to s 27 76
FY20 5 6 $ 3070 5.9123 5 7092 $72.39 $43 l6
Further, although the City increased the operating tax rate by 0.56 mills in FY 2010/1 1 , the City's
final combined millage rate is now the same as in FY 2009110 and rate remains approximately 2.8
mills lower or 33o/o, than it was in FY 1999/00. As a result. the final propertv tax lew is onlv $4
million more in FY 2015/16 than it was in FY 2006/07.
139
FY 2015/16 Final Millage
September 30, 2015
Page 7
Properfy Volues ond Tqx Levy
GE 240
= 220
i 200-9 180.6 160
E 140E 't2oE rooo
303
!o
20:
9Lco
',0 c
o
=0e
'07 '08 '09 '10 '11
M prepgftyValues
'12 '.13 '.14 '15 ',16
--r-Tax Levy including Debt
Overlapping Jurisdictional Operating and Debt Service Millages
City of Miami Beach property owners 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 lnland NavigationalDistrict. These
taxing authorities represent 71 percent of a Miami Beach property owner's tax bill.
The counhyr,vide tax rate for Miami-Dade Countydecreased by0.0021 mills to 4.6669; the librarytax
rate is flat at 0.2840 mills; and the debt service millage is the same at 0.4500 mills.
The tax rate for the Miami-Dade School District decreased from 7.9740 to 7.6120 mills. The
Children's Trust millage is maintained at 0.5000 mills. As a whole, the millage rates forthe South
Florida Water Management District, Okeechobee Basin, Everglades Project, and Florida lnland
Navigational District decreased from 0.4187 mills to 0.3896 mills.
s I @ O 02 G q 6 6 0 G @ A U I A 14 S 16
Fiscal Yearc
140
FY 2015/16 Final Millage
September 30, 2015
Page I
With the final rates for FY 2015116, the Miami Beach portion of the tax bill is approximately 30
percent of the total bill. Of note, the Countv millaqe is 0.9851 mills less than their millaoe in FY
2006/07. as compared to the Citv's millaqe which is 1.7607 mills less than the Citv millaqe in FY
2006/07. Further, the School Board millage is only 0.4930 below the FY 2006107 millage rate.
The significant difference in the total overlapping millage rate is a direct result of the City's effort to
keep the millage rates as low as possible. A summary of the tax rate changes is provided in the
following table.
OVERTAPPING TAX MIIIAGE f( 06107 tY t4lts NfiiN€=I.sll /.16
Vsrionce
from
rY t4lt5
Vorionce
from
rY 06107
o/o oJ
FY t5lt6
folol
Citv of Miomi Beoch
Operoting 7.192C 5.6859 5,600!-0.085c 1.591I
Copitol Renewol & Replocement 0.1 82C 0.1 083 O,,l 08 0.000c -0.0737
Subtotol Ooerolinq ilillose 73744 5.7942 5,VUn -o.o850 -r.6648
Voted Debt Service o.299C 0.229!ri0,a03l -0.0264 -0.0959
foto 7.6734 6.0237 5.9r2I -o.t I t4 -1.7607 3V/"
Miomi Dode Countv
Countywide 5.6r 5(4.669C 4,6665 -0.002r -0.9481
Librory 0.486(o.284(CI:284(0.0000 .0.202c
Debt Service 0.285(0.4s0(0i45S-(0.0000 0. r 65c
Subtoto 6.386C 5.403C 5.JfiXI9 -o.oo2l -0.985t 27"/"
School Boord 8.rosc 7.9740 ,,'7"512Q -o.3620 -o.4930 38/"
Children's Trust 0.422C 0.500c 0;500(0.0000 0.0780 3o/"
Cther 0.736C 0.4187 1.0:389(-0.029.I 4.3464 2o/"
Toto 23.3220 20.3194
=9,8I45
-o.5045 -3.so72 too"t
lmpact of Combined Tax Rates of Overlapping Jurisdictions on Homesteaded Properties
The median and average January 1,2014 taxable values of $143,680 and $351,189, respectively,
will increase by 0.8% CPI in FY 2015116 due to the Save Our Homes Cap which only allows taxable
values to increase by 3.0% or CPl, whichever is lower.
Applying the final combined millage rates to the median and average taxable values results in a
decrease of $51 for the median and a $121 decrease for the average. These decreases include a
$10 decrease in property taxes for the median and a $23 decrease for the average from the
reduction in millage in the City of Miami Beach's portion of the property tax bill.
Median properties would pay approximately $2,869 for all taxing jurisdictions combined, while the
average taxes generated would be approximately $7,015 per homesteaded property. Of these
taxing jurisdictions, the highest component is the Miami-Dade School Board, at $1,102 for a
median value property, and $2,695 for an average valued property.
The following table provides examples of changes in property taxes for homesteaded properties
using the finaltax rates and potential changes from2O14 values.
141
FY 2015/16 Final Millage
September 30, 2015
Page 9
lmpoct on Homesleoded Properties Assuming
ChonEes in Toxoble Volue from Jqnuory l,2Ol5
Ft 20t4lt5
FY 20tslt6
wirh O.8% CPI
Medion Averoge Medion Averoge
2Ol3 Preliminory Toxoble Volue $ t43,680 $ 35t,189 g 144,829 $ 353,999
City of Miomi Beoch
Operoting
Voted Debt
Totol Miomi Beoch
Miomi Dode County
Schools
Other
$ as: $ z,oss
33 8r
$ ezt $ 2,021
29 72
$ eoo $ z,t to $ eso $ z,oce
776
1,146
132
1,897
2,800
323
782
1,102
129
1,912
2,695
3r5
Toio $ z,szo $ t,tso $ z,eos $ z,or s
Chonge in Toxes
City of Miomi Beoch
Operoting
Voted Debt
Totol Miomi Beoch
Miomi Dode County
Schools
Other
$ (61 $ (r4)
(4) {e)
$ (ro) $ (23)
615
l44l (r 05)
(3) (81
Totol $ (sl) $ (l2t
As with the City of Miami Beach millage rates, impacts of the combined jurisdictional millage rates
for non-homesteaded properties are based on the individual property values.
CONCLUSION
The Administration recommends adoption of the attached Resolution which adopts final operating
and debt service millage rates for FY 2015116.
JLM/JW@\.-.
142
RESOLUTION NO.
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, ADOPTING: 1) THE FINAL AD VALOREM
MILLAGE OF 5.7092 MILLS FOR GENERAL OPERATING PURPOSES,
wHrcH rs TWELVE AND NINE-TENTHS PERCENT (12.9%) MORE THAN
THE "ROLLED-BACK'RATE OF 5.0584 MILLS; AND 2) THE DEBT SERVICE
MILLAGE RATE OF 0.2031 MILLS.
WHEREAS, on July 31, 2015, the City Commission, following a duly noticed public
hearing, adopted Resolution No. 2015-29100, which set the proposed general operating millage
rates at 5.7092 mills (excluding debt service) for general operating purposes, a reduction of
0.0850 from the FY 2014115 general operating millage rate; and 0.2031 mills for debt service, a
reduction of 0.0264 mills from the FY 2014115 debt service rate; and
WHEREAS, at the first public hearing on September 10, 2015, the Mayor and Commission
tentatively adopted the operating millage rate of 5.7092 mills for general operating purposes, and
0.2031 mills for debt service; and
WHEREAS, Section 200.065, Florida Statutes, requires that at the conclusion of the
second public hearing on the City's proposed tax rate and budget, the City Commission: 1) adopt
the final ad valorem millage rate for FY 2015/16 operating purposes; and 2) the required Debt
Service millage rate; this is accomplished by adopting a Resolution that includes the percentage
increase or decrease over the "rolled-back" rate.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND THE CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that pursuant to Section 200.065,
Florida Statutes, there is hereby levied a tax for FY 2015/16, 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 5.7092 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 nine-tenths percent (12.9%) more
than the "Rolled-back" rate of 5.0584 mills.
143
(b) For the purpose of providing payment on the principal and interest
portions of the General Obligation Bond Debt outstanding and
miscellaneous debt service expenditures, the rate assigned amounts to
0.2031 mills.
PASSED and ADOPTED this 30th day of September. 2015.
Philip Levine, Mayor
APPROVED AS TO
FORM & LANGUAGE
Rafael Granado, City Clerk
ATTEST:
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144
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