When we say, #PBAlwaysWorkingForYou, we mean it! We have been using this hashtag for quite some time because it truly reflects to the core of who we are and how we function as an organization, from the elected officials to administration and staff!
Last year, an unprecedented pandemic hit the world without warning. In addition to the lives lost, many also lost their livelihoods. Organizations worldwide were forced to downsize or close down indefinitely. Palmetto Bay was no stranger to the economic downfall caused by COVID-19.
Last year, during this time, we were making cuts to the budget as we anticipated lower than projected revenues. Your Mayor and Council, along with staff, worked arduously to ensure that the Village would continue to offer a level of service commensurate with the Palmetto Bay name as we looked for options to reduce expenditures.
Yesterday, we announced that our budget is trending positively and that we have maintained our expenditures at 6.55% below budget, which reduces our projected shortfall from $1,634,269 to $680,241. This is really good news!! Today, we are announcing 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. 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.
"I am satisfied with the work that our Council and staff have put into carefully managing our expenditures and today's bond refi is another testament to our commitment to our taxpayers", said Village Manager Nick Marano.
Make sure to visit our website for the latest information about the Village directly from the Village. You can also follow us on Facebook, Twitter and Instagram!
