HomeMy WebLinkAboutD. Public Hearings - Budget
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Key West Chamber of Commerce
Monroe County BOCC 2007-08 Fiscal Year Budget
Fact Sheet
1. Under Florida State mandate, Monroe County is required to cut taxes to roll back
plus and additional 5% reduction. This can be overridden by a 415ths vote of the
County Commissioners. Failure to comply or to override with requisite
supermajority risks forfeiture of State Sales Tax (1%) revenue sharing.
2. When last we left the County Budget on July 23, 2007, aggregate County Ad Valorem
taxes were budgeted at $83.5 million. That number not only did not meet the State
mandate of roll back plus a 5% reduction, it was 5.7% above roll back.
3. After seven weeks, the aggregate County Ad Valorem taxes are now proposed at
$79.2 million, a $4.3 million reduction ... almost but not quite the required 5% below
roll back.
4. How did that reduction happen?
· We see the general fund was reduced from $26.1 to $24.2 million, a reduction
of $1.9 million. But we see that to get there, reserves need to be reduced by
another $2.5 million after drawing them down by $5.1 million to cover
shortfalls this year. The Office of Management and Budget has a slide on
Fund 001, the General Fund which shows the 2007 fiscal year expense to be
$44.1 million and the 2008 fiscal year appropriations to be about the same at
$44.3 million. So, the reduction appears to be in reserves, not spending. Do
you believe the state's legislative action to be a one year problem? In the
business world as well as in your own personal finances, there comes a time
when you must tighten your belt. And it is not advisable to take money from
your reserves or even your personal savings to try to cover for a long-term
revenue shortfall.
· The Sheriff's department was at $41.5 million of ad valorem taxes on July 23rd
and is now at $40.8 million, a reduction of almost $700,000. Is this the result of
26 staff positions cut from its roster? And does that mean 26 unfilled
positions or 26 people on the payroll?
5. Before the Commission votes either to override or not, you need to ask whether or
not the cuts are made to a budgeted numbers or if they are real cuts to real expenses
and represent a new, long-term su~t.ainable way of conducting the county's
busines!~. And the Commission needs to be mindful that although this budget as it
stands now is below last year, it is still the second highest ad valorem tax collection
by the county ever.
6. Last, we need as good steward's to insure that county reserves are maintained at
levels deemed prudent to meet unforeseen emergency situations.
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