As part of the City’s annual Business Planning process, the City of Coral Springs met to discuss the Fiscal Year 2015 budget and develop a sound financial strategy, focusing on the City’s strategic priorities and our resident’s needs.
This year, a Special Commission Meeting was held on Wednesday, July 23 from 5:15 to 7 p.m. At this meeting, Commissioners adopted the TRIM notice, which is the proposed millage rate, and approved the Fire Assessment Fee and the Solid Waste Assessment Fee. In addition, City staff presented a recommended list of initiatives including the addition of three police officers for the patrol unit and adopting a number of recommendations from the Economic Development Strategic Plan.
City staff has recommended no change in the millage rate. Although the FY 2015 millage rate of $4.5697 is the same as it was for FY 2014, the rate is not final until the Commission sets the rate at the first public budget hearing on Friday, September 12 at 5:15 p.m., and adopts it at the second public hearing on Wednesday, September 17 at 6:30 p.m.
In addition to no change in the millage rate, other points from the Fiscal Year 2015 budget that are worth highlighting, including:
- Fiscal Year 2015 marks the third year in a row that Total Taxable Assessed Values have increased following five years of decline.
- There will be no increase in the single-family Fire Assessment Fee.
- Per contract, the residential Solid Waste Assessment will increase by the rate of inflation, 2.2%, from $220.92 in Fiscal Year 2014 to $225.84, or $4.92 per household.
- The Debt Service Millage rate will increase by just $0.0005 or 0.2%. This represents an increase of $1.78 for the typical single-family homeowner.
- There will be no increase in user fees such as building permits, fire inspections, or park fees.
Overall the typical single-family homesteaded homeowner will pay about $22.10 more to the City in Fiscal Year 2015 than in Fiscal Year 2014. Furthermore, the typical non-homesteaded condominium owner will pay $44.49 more in Fiscal Year 2015.