Title
MOTION TO ADOPT PROPOSED ORDINANCE NO. 2023-11 ON SECOND AND FINAL READING.
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF PEMBROKE PINES, FLORIDA, ADOPTING THE BUDGET FOR FISCAL YEAR 2023-2024; AND ADOPTING THE FIVE (5) YEAR CAPITAL IMPROVEMENT PROGRAM FOR THE CITY OF PEMBROKE PINES, FLORIDA, IN ACCORDANCE WITH §5.08 OF THE CITY CHARTER; PROVIDING FOR CONFLICTS; PROVIDING FOR SEVERABILITY; AND PROVIDING FOR AN EFFECTIVE DATE.
Summary Explanation and Background
SUMMARY EXPLANATION AND BACKGROUND:
1. The Proposed Budget for All Funds is $517.8 million.
2. The July 1, 2023, taxable value for the City is $17.5 billion and represents an 9.11% increase over the 2022 final taxable value of $16.0 billion.
3. The 2023-2024 Operating Millage Rate is 5.6690 which is the same as the Adopted Millage Rate for 2022-2023.
4. The Debt Service Millage Rate of 0.3410 generates revenues to meet the debt service requirements of the General Obligation Bonds.
5. The Advertised Residential Fire Assessment Rate is $373.97 which is $21.81 above the fiscal year 2022-2023 rate of $352.16. Proposed Residential Fire Assessment Rate is $373.95, $21.79 higher than fiscal year 2022-2023.
6. Section 5.04 of the City’s Charter requires the budget be adopted by Ordinance.
7. Changes made after the original submission of the Proposed Budget as well as changes made after the First Budget Hearing are all reflected in Proposed Ordinance No. 2023-11.
8. Recommend passing proposed Ordinance No. 2023-11 on second and final reading.
Financial Impact
FINANCIAL IMPACT DETAIL:
a) Initial Cost: See Exhibit A & B to Proposed Ordinance 2023-11
b) Amount budgeted for this item in Account No: See Exhibit A & B to Proposed Ordinance 2023-11
c) Source of funding for difference, if not fully budgeted...
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