Countywide Gross Taxable Property Values vs. Ad Valorem Tax Levy from presentation.

MONROE COUNTY BOARD OF COUNTY COMMISSIONERS DISCUSS FISCAL YEAR 2021 BUDGET AT VIRTUAL WORKSHOP

MONROE COUNTY, FL – The Monroe County Board of County Commissioners met today virtually to view and discuss the $437.3 million Fiscal Year 2021 budget. This budget is 7.5 percent lower than last year’s budget and includes the Board of County Commissioners, the constitutional officers, the Tourist Development Council, capital projects, and reserves.

Monroe County Administrator Roman Gastesi and Budget and Finance Director Tina Boan presented budget for discussion in relation to COVID-19 with estimates to residential real estate trends, taxable property values, sales taxes and state shared revenues, along with fund balance, reserves and general fund.

“This is the most uncertain of all budgets we have ever put together,” said Gastesi.

Due to COVID-19 and closing the Florida Keys on March 23, immediate action was taken within the County to identify, analyze, and estimate potential shortages and at-risk revenue sources. The County also immediately instituted a hiring and purchasing freeze and furloughed employees who did not have work due to the county closures. The County also suspended discretionary spending and unnecessary travel and deferred work wherever possible. County staff made cuts to make up for shortfalls, including the elimination of 42 positions, 13 of which are currently filled. There will also be no cost of living increases or merit raises for staff.

“This meeting was an opportunity for the commissioners to tell us what they would like to see later this month as we continue to monitor the impacts of COVID-19,” said Boan.

The proposal was built on a 5.6 percent estimated Countywide taxable property values. As of now, the County will continue to have the lowest property tax compared to the neighboring six South Florida counties. For all revenue sources, the estimates were done with projections based on March, April, and May 2020 due to the unpredictability from COVID-19. The budget as presented has no change to the current millage rate of 2.5881.

Some of the FY 2021 budget highlights include:

  • Maintains the current year millage rate, lowest in the State of Florida.
  • Reflects a property value increase of 5.6 percent with a total value exceeding $30 billion, a historic high.
  • Absorbs impacts of the sudden revenue reductions.
  • Assumes economic sluggishness with a modest recovery.
  • Proposed budget reflects 2019 revenue receipts.
  • Includes expenditure reductions.

Moving into the summer months, County staff will continue to monitor revenues, expenditure savings, Poinciana Gardens Senior Living Center, and building and planning department evaluations. Many capital projects will be pushed into the next two to five years.

With the proposed budget and Countywide property average property values, a homesteaded residential property with an appraised assessed value of a $380,280 in 2020 (with a 2.3 percent capped increase to property value) would have a $22.64 increase in the property tax for the 2021 year with the proposed budget, which is $1.89 per month. Along the same lines, a non-homesteaded property with a $620,248 value in 2021 would increase to $145.93. Commercial properties with a $1.1 million value would be $264.

The budget process timeline is:

  • July 27 – Special budget meeting to certify the proposed millage rate to the Property Appraiser; rate goes to tax bill. This will be virtual. www.monroecounty-fl.gov/meetings.
  • Sept. 3– First Public Hearing: scheduled for Murray Nelson Government Center in Key Largo, but this could change. At this hearing, the BOCC adopts the tentative millage rate and tentative budget.
  • Sept. 8 – Special Budget Meeting: scheduled for Marathon Government Center but this could change. This meeting is for BOCC discussion and direction on the budget.
  • Sept. 16 – Final Public Hearing: scheduled for Harvey Government Center in Key West, but this can change. At this meeting, the BOCC adopts the final millage rate and final budget.
  • The Monroe County Office of Budget and Finance provides coordination and development of Fiscal Year budget. The Fiscal Year 2020 budget was $472.7 million, which included continued Hurricane Irma recovery. The office continues to work on receiving refunds from FEMA from the impacts of Hurricane Irma and now COVID-19, while still providing for the daily operations of the department, program enhancements, and capital projects and improvements.

For more information about the budgeting process, or to see today’s presented slideshow, visit www.monroecounty-fl.gov/budgetandfinance.

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