Miami Commissioners Approve Record $3.7 Billion Budget with Last-Minute Changes
Miami commissioners have given final approval to a record $3.7 billion city budget. The budget maintains the property tax rate unchanged but includes several last-minute modifications. These changes involve additional funding for festivals and special events, the distribution of $10.5 million in previously unexplained personnel savings across various city departments, and an anticipated nearly $1 million in additional revenue from city marinas. The final General Fund, which is the city's primary operating account, is approximately $1.3 billion, marking an increase of about $74 million from the current year. The overall budget, combining operating funds and the capital spending plan, totals around $3.7 billion. The property tax rate will remain at 7.108 mills for general operations and 0.2536 mills for debt service, resulting in a combined rate of 7.3616 mills. Despite a flat tax rate, the city expects an increase of approximately $43 million in General Fund property-tax revenue next year due to rising taxa...
