Title
MOTION TO ADOPT PROPOSED ORDINANCE NO. 2022-10 ON SECOND AND FINAL READING.
AN ORDINANCE OF THE CITY COMMISSION OF THE CITY OF PEMBROKE PINES, FLORIDA, ADOPTING THE BUDGET FOR FISCAL YEAR 2022-2023; 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 2022 Preliminary Taxable Value of the City is $16.1 billion, an increase of $1.4 billion or 9.51%.
2. The 2022-2023 Proposed Budget for All Funds is $485.2 million.
3. The 2022-2023 Operating Millage Rate is 5.6690 which is the same as the Adopted Millage Rate for 2021-22.
4. The Debt Service Millage Rate is 0.3835, and generates revenues to meet the debt service requirements of the General Obligation Bonds.
5. The Residential Fire Assessment Rate is $352.16 which is $39.84 above the fiscal year 2021-22 rate.
6. Section 5.04 of the City’s 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. 2022-10. Road and Bridge Fund increased by $110,000 for installation of 8-ft noise wall on Palm Avenue from Pembroke Road to Pines Blvd.
8. Recommend passing proposed Ordinance No. 2022-10 on second and final reading.
Financial Impact
FINANCIAL IMPACT DETAIL:
a) Initial Cost: See Exhibit A & B to Proposed Ordinance 2022-10
b) Amount budgeted for this item in Account No: See Exhibit A & B to Proposed Ordinance 2022-10
c) Source of funding for difference, if not fully budgeted: Not Applicable
d) 5 year projection of the operational cost of the pro...
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