Ordinance 2024-611 - Laserfiche WebLink

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City of Sunny Isles Beach, Florida Management's Discussion and Analysis September 30, 2023 Economic Factors and Next Year's Budgets and Rates The State of Florida, by constitution, does not have a state personal income tax and therefore the State operates primarily using sales, gasoline, and corporate income taxes. Local governments (cities, counties, and school boards) primarily rely on property and a limited array of permitted other taxes (sales, communication, gasoline, utilities services, etc.) and fees (franchise, building permits, recreation, etc.) for their governmental activities. There are a limited number of state -shared revenues and recurring and non-recurring (one-time) grants from both the state and federal governments. For the business -type and certain governmental activities (stormwater fees, building inspections, recreation programs, etc.) the user pays a related fee or charge associated with the service. The related fees for these activities remained the same for fiscal year 2024. The unassigned fund balance in the General Fund totals $55.6. In addition, $9.4 has been assigned for a Contingency/Fiscal stability reserve which reflects the City's planned goal of 25% of General Fund operating expenditures as of September 30, 2017. Reappropriations will occur for those purchase orders issued in fiscal year 2023 for which no delivery or payment occurred by September 30, 2023. In fiscal year 2024, the City's property tax millage rate was reduced to 1.900 mils. This property tax millage rate is calculated 6.81% above the 2023 rollback millage rate of 1.7789 but is still expected to generate more property tax revenue compared to the prior year due to increased property values. The City continuously evaluates current and potential legislative issues to reduce fiscal impact on the City. Over the past couple of years, the Legislature has sought to reduce the revenues of the local governments while passing laws that are generally unfunded mandates. All these factors were considered in preparing the City's budget for the 2024 fiscal year. Request for Information This financial report is designed to provide a general overview of the City's finances for all those with an interest in the City's finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the Office of the Finance Director, City of Sunny Isles Beach, 18070 Collins Avenue, Sunny Isles Beach, Florida 33160. Information is also available on the City's website at www.sibfl.net.