July 27, 2021

Good Morning Palmetto Bay,

The Village's Quarter 3 to Actuals budgetary comparisons are in and we have more good news! Figures show positive trends in the current fiscal year budget. So far, it should be noted that ad-valorem or property tax revenue is tracking close to budgeted numbers with interlocal revenues, which are mainly from sales taxes, trending higher than initially forecast. Additionally, expenditures are 6.55% under budget and the end of year budget shortfall originally estimated at $1,634,269 has decreased to $680,241. Click here to read the report.

Bond refinance- We also announced that Palmetto Bay has refinanced a bond mainly issued for the purchase and construction of Village Hall. In 2010, Palmetto Bay issued $14,780,000 in bonds. The Village recently had the opportunity to refinance these bonds yielding an impressive 27% in savings! The percentage translates into $3,100,000 in present dollar value over the course of the loan. That is a significant amount of savings to our Palmetto Bay taxpayers! According to the Florida Municipal Loan Council, the party responsible for issuing and managing the bonds, stated that this is the largest savings they have seen on any bonds that they have issued. Thank you to our Manager who continues his work to help us turn our financial situation around.

Tonight's Budget Hearing- At our Regular Council meeting, the Council voted to set the Maximum Rate at 2.4 by a 3-2 vote. You can learn more about what that means in this short video from our Village Manager. We will set the final millage in the early fall. Tonight we have another opportunity to hear from you at our final Budget Workshop. Hope to see you there. Click for agenda and more info on how you can participate.

RTZ Discussion- Last week, at the Committee of the Whole we discussed the RTZ at great length. I thank my colleagues for their support in opposing any preempting of our Village Zoning. This initiative would preempt Zoning, including in municipalities, along all areas of the SMART Plan. You can view the meeting here.

Resolution Supporting the People of Cuba- Last week, I was proud to sponsor a resolution in support of the Cuban people urging the United States government seek measures to help provide humanitarian aid to the Island in this time of unprecedented action by the Cuban people. I am appreciative of the support of my Council in allowing me to bring the item forward during our COW meeting and for requesting to cosponsor the item. Click here to learn more. My colleagues work very hard and often take a lot of heat, but still persist in trying to do what is right. The community is fortunate to have folks representing them that are committed and not afraid to speak out. 

You can click below for a video update and as always, I am here to answer questions or lend a helping hand. I can also be reached at [email protected] or at 305-799-0695.  Together we are making Palmetto Bay a better place to live, work, learn, and play. 

Village of Palmetto Bay,