Manager Marano then gave an overview of the categories and uses of the Village’s various budgets, reminding the audience that the General Fund covers the majority of Palmetto Bay’s costs. He then explained that the large majority of General Fund revenues or 45% come from ad-valorem (property) taxes. He also noted that property taxes, along with utility taxes and franchise fees that account for 18% and 8% of General Fund revenues, respectively, tend to be more stable than other sources which are much more volatile due to fluctuations in the overall economy.
A comparison of numbers for the upcoming fiscal year showed a promising outlook for the Village, with adopted budget revenues of $18,721,566 and estimated actual revenue of $19,809,937. On a similar note, adopted budget expenditures were $18,721,566 compared to estimated actual expenditures of $17,453,843.
“So we’re taking in more dollars than we budgeted and we’re spending less dollars than we budgeted,” Manager Marano explained. “That means on both ends of the ledger, the Village is in good shape.”
After the presentation, Councilmembers made comments and asked questions. Councilman Steve Cody asked about the timeline for the community multipurpose room at Coral Reef Park and installing bike lanes in the major east-west roadways in the Village. Councilman Patrick Fiore mentioned that more funding for both traffic calming devices and Village employee health benefits would be needed in the future. Mayor Cunningham brought up the importance of keeping a surplus in the budget due to the number of big projects the Village has in the works, and she also praised the Manager on his efforts that brought the Village to its current financial state.
“You have put this Village on very firm footing as we move forward over the next many years,” she said. “At this moment in time we’re firm and we’re steady, and a lot of that has to do with your leadership, so I thank you very much for that.”
