Title
MOTION TO ADOPT PROPOSED ORDINANCE NO. 2020-12 ON SECOND AND FINAL READING.
PROPOSED ORDINANCE NO. 2020-12 IS AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF PEMBROKE PINES, FLORIDA, ADOPTING THE BUDGET FOR FISCAL YEAR 2020-2021; 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 2020 Preliminary Taxable Value of the City is $14.3 billion, an increase of $870 million or 6.5%.
2. The 2020-21 Revised Proposed Budget for All Funds is $420.8 million; a decrease of $8.6 million compared to the $429.4 million presented on first reading. Changes include mainly the following, which were discussed at the first reading:
a. General Fund
(i) Capital items postponed to 2021-22- $3.7 million
(ii) Estimated budget savings of $3.2 million
b. Utility Fund - Capital items postponed to 2021-22 $1.37 Million
3. The Operating Millage Rate is 5.6736, which is the same as the millage rate adopted for the 2019-20 fiscal year. The advertised rate of 6.1152 was presented at first reading of this ordinance on September 3, 2020; however at that meeting Commission approved an Operating Millage Rate of 5.6736.
4. The Debt Service Millage Rate is 0.4273, and generates revenues to meet the debt service requirements of the General Obligation Bonds.
5. The Residential Fire Assessment Rate is $312.32, an increase of $29.94 when compared to last year's rate of $282.38. The advertised rate presented on first reading was $325.89.
6. Section 5.04 of the City Charter requires the budget be adopted by Ordinance.
7. Changes subsequent to the original submission of the Proposed Budget are reflected in Proposed Ordinance No. 2020-12. The $2.9 million reduction in sales tax and the corresponding increase in beginning surplus is reflected in the General Fund. In addition, the $0.9 decrease in gas tax and the offsetting increase in beginning surplus has been incorporated in the Road and Bridge Fund.
8. Recommend passing Proposed Ordinance No. 2020-12 on second reading.
Financial Impact
FINANCIAL IMPACT DETAIL:
a) Initial CostCost: See Exhibit A & B to Proposed Ordinance 2020-12
b) Amount budgeted for this item in Account No: See Exhibit A & B to Proposed Ordinance 2020-12.
c) Source of funding for difference, if not fully budgeted: Not Applicable
d) 5 year projection of the operational cost of the project Not Applicable
e) Detail of additional staff requirements: Not Applicable