HomeMy WebLinkAbout2005-26007 Reso
RESOLUTION NO. 2005-26007
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF
THE CITY OF MIAMI BEACH, FLORIDA, ESTABLISHING A CITY
OF MIAMI BEACH HOMEOWNERS DIVIDEND FUND;
ESTABLISHING A PROCEDURE FOR ANNUAL APPROPRIATION
OF FUNDS; ESTABLISHING A PROCEDURE FOR THEIR USE;
AND ADOPTING THE FISCAL YEAR (FY) 2005/06 BUDGET FOR
THE FUND. IN THE AMOUNT OF $3,269,120.
WHEREAS, public policy considerations favor government actions protecting and
encouraging permanent residences as promoting the stability and welfare of a City; and
WHEREAS, the Mayor and City Commission of the City of Miami Beach thus
recognize and find the public purpose served in establishing the upcoming budget year a
retum-on-investment to property owners with permanent residences, in the City of Miami
Beach: and
WHEREAS, in order to fund this retum-on-investment, the FY 2005/06 General
Fund Operating Budget thus incorporates funding for a $200 return for each homeowner
who otherwise qualifies for homestead exemption (threshold for assessing whether an
affected property qualifies for the return), said return to be funded from non ad-valorem
revenues such as franchise fees, utility taxes, occupational licenses, interest earnings from
non ad-valorem sources, etc.
NOW, THEREFORE, BE IT DULY RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, that the City of Miami Beach
hereby adopts the City of Miami Beach Homeowners Dividend Fund Budget for FY
2005/06 as listed below:
PASSED AND ADOPTED THIS 21st DA'fJ OF
$3 269,120
$3,269,120
REVENUES: Transfer from General Fund
APPROPRIATIONS: Return Payments to Qualified
Pro Owners in the Ci of Miami Beach
~r PCU~
CITY CLERK
Robert Parcher
David Dermer
APPROVED AS TO
FORM & LANGUAGE
& FOR CUllON
- ~-oJ
CITY OF MIAMI BEACH
COMMISSION ITEM SUMMARY
lD
Condensed Title:
Resolution establishing a City of Miami Beach Homeowners Dividend Fund; establishing a procedure for
annual appropriation of funds; establishing a procedure for their use; and adopting the Fiscal Year 2005/06
budaet for the fund, in the amount of $3,269,120.
Issue:
Shall the Mayor and City Commission adopt the attached resolution establishing a procedure for annual
appropriation of funds; establishing a procedure for their use; and adopting the Fiscal Year 2005/06 budget
for the fund?
Item Summary/Recommendation:
I Adopt the Resolution.
Advisory Board Recommendation:
I
Financial Information:
Amount to be expended:
I~DJ
$3,269,120
FY 2005/06 Non ad-valorem
eneral fund revenues
Source of
Funds:
AGENDA ITEM J<. 7 C-
OATE Q-2/-oS-
CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
http:\\d.miami-beach.fl.us
COMMISSION MEMORANDUM
TO: Mayor David Dermer and DATE: September 21,2005
Members of the City Commission
FROM: Jorge M. Gonzalez 0 .r~
City Manager
I
SUBJECT: A RESOLUTION OF THE MA VOR AND CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, ESTABLISHING A CITY OF MIAMI BEACH
HOMEOWNERS DIVIDEND FUND; ESTABLISHING A PROCEDURE FOR
ANNUAL APPROPRIATION OF FUNDS; ESTABLISHING A PROCEDURE
FOR THEIR USE; AND ADOPTING THE FISCAL YEAR (FY) 2005106 BUDGET
FOR THE FUND, IN THE AMOUNT OF $3,269,120.
ADMINISTRATION RECOMMENDATION
Adopt the Resolution.
BACKGROUND
At the April 20, 2005 City of Miami Beach City Commission Meeting a discussion was held
regarding a return-on-investment to year-round property owners that reside in the City of
Miami Beach as proposed by Mayor David Dermer during his 2005 State of the City
address. During the discussion, the basic concepts of a limited proposed fund were
outlined and the item was referred to the Finance and Citywide Projects Committee for
further discussion of details.
The basic concepts outlined were as follows:
o The eligibility criteria to determine year-round property owners that reside in the City of
Miami Beach is to track them through the homestead exemption information; although
the return is not a tax rebate, yet will be funded only via non ad-valorem revenues, the
homestead exemption information, maintained in the Miami-Dade County Property
Appraisers database, will be used for the limited purpose of confirming whether a
particular property qualifies for the return;
o The item would be included as a line item in the City Manager's Proposed Operating
Budget for FY 2005/06, subject to the approval of the Finance and Citywide Committee
and ultimately the City Commission;
o The City would return funds back to eligible residents in FY 2005/06, after all their
outstanding taxes and fees have been paid; and
o The amount returned to residents would be phased-in.
City of Miami Beach Homeowners Dividend Fund
September 21 , 2005
Page 2
The item was reviewed by the Finance and Citywide Projects Committee on May 24, 2005
and was recommended for inclusion as part of the Manager's Proposed Operating Budget
for Fiscal Year 2005/06. To that end, the Proposed Operating Budget for FY 2005/06
incorporated a $200 return of funds back to eligible residents in FY 2005/06, after all their
outstanding taxes and fees have been paid, to be paid from a Miami Beach Homeowners
Dividend Fund.
The program will be administered through an on-line application form or a form completed
manually and returned to the City's Finance Department. These on-line and manual forms
will include an option to use the funds to support certain City programs (Park and
Recreation Scholarship programs, Homeless Services, etc.) and would be made available
after April 2, 2006. Subject to verification, checks will be mailed directly to the qualified
property owner.
The amount of return will be reviewed and approved each year by the City Commission as
part of the budget process.
ANALYSIS
A $200 return for each qualified property owner has been incorporated into the Operating
Budget for FY 2005/06. By way of calculating the return, there are approximately 16,000
homesteaded properties in the City of Miami Beach resulting in total required funding of
$3.3 million, funded from non ad valorem revenues such as franchise fees, utility taxes,
occupational licenses, interest earnings, fines, etc.
Approximate Number of Qualified
Households
exem t homesteaded ro erties
Impact to the City (estimated # of
qualified households X $200 Return
Paid to Each Household
Contin enc
16,000
$3,200,000
$69,280
$3,269,120
JMG