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Item D1 D1 BOARD OF COUNTY COMMISSIONERS COUNTY of MONROE Mayor Craig Cates,District 1 The Florida Keys Mayor Pro Tern Holly Merrill Raschein,District 5 Michelle Lincoln,District 2 James K.Scholl,District 3 m' David Rice,District 4 Budget Meeting Meeting September 6, 2023 Agenda Item Number: D1 2023-1487 BULK ITEM: DEPARTMENT: Administration TIME APPROXIMATE: STAFF CONTACT: AGENDA ITEM WORDING: County Administrator's Budget Discussion. ITEM BACKGROUND: PREVIOUS RELEVANT BOCC ACTION: CONTRACT/AGREEMENT CHANGES: STAFF RECOMMENDATION: DOCUMENTATION: FINANCIAL IMPACT: 58 • • County Administrator's Fiscal Year 2024 Tentative Budget Roman Gastesi, County Administrator Tina Boan, Director Office of Management & budget September 6, 2023 Harvey Government Center Key West, FL FY2024 Budget Process • September 6th — First Public Hearing Adoption of Tentative Budget and Millage Rate Key West at 5 :05pm • September 20th — Final Public Hearing Adoption of Final Budget & and Millage Rate Key Largo at 5 :05pm 2 . . Fiscal FY24 % of Revenue Tentative Total Ad Valorem Taxes Budgeted Ad Valorem $139,672,215 $139,672,215 21% 'Delinquent Taxes ; Health Department $1,608,237' $29,500 0% Local Option,Use&Fuel Taxes 'Total Ad Valorem $141,280,452; $105,725,000 16% Licenses, Permits&Impact Fees ore�- - $9,126,139 2% 'Intergov. Rev./Grants,PILT, Shared Taxes $26,294,269 3% 'Charges for Services $103,010,416 15% Fines &Forfeitures $2,137,500 0%' Miscellaneous $4,293,031 1% Interfund Transfers $40,800,803 6% Debt Proceeds $13,306,800 2% 'Fund Bal Fwd/Less 5% $2 • 631 33%' ;Total Sources ',667 31130' 100% FY24 % Expenditure _ of Tentative Total B.O.C.C. Operating $229,699,784 34% Capital Projects,including Debt Service $120,329,909 18% Sheriff $84,037,381 13% Tourist Development Council $125,642,929 19% Tax Collector $8,575,291 1% Judicial, State Attorney, Public Defender. $5,178,384 1% Property Appraiser. $6,365,708 1% Clerk of the Courts $9,179,570 1% Supervisor of Elections $3,177,039 1% Budget Transfers, Cash Balance &Reserves $75 125 309 11% Total Uses 66.7,311,304 100% 3 . . . . . . , . .F y 20.24. •B ud. • . • . • . . . get .increase , . • . . . . • . . . . . • . • :_, • • . . . • . . . . .. . . . . . . .• . . . . • . . ...- ,z", ..r^, x.. r • . 2 2 A,[:.,,,,,,p,,,:,it:9.,.,1:p,,; :.,,1:1:--,,-,:::::11.':':::':,71:11.':',',',', :',;,.•:,'„;;;,,.„.;.,1,.:::„:,,,;::;,,7,--,"•:::,,,, do^. :=ted-- -;:.',.::,:',',;.„1:, : '-',,',-Pro ase -lncr ase �R�r't "3 , (�K�/ J}��! "//�j�{fit■/ l�/,�� -AJx �: rta� , s acts°��ricl T , , , .u�luai^ `Deft yServ�ce y. x.^ ^ � 20 329-909 , .,... 1 ., $ 53365�1:181 (� six' . h • ^ F � �? • z W s r�. s€ w4¢'Tourist • ,^,Der ve�o� �"��;n �Ca'uncily 7 335'N :3 Y:rF,';^T,'' "Taoll� R ^ 3 T. .>�' h Vi�f�s.. �,. s 'yam>;.,•i'" €'i=s ,�. r E.. 4itk1£ a., x ro �x ^ R a. ,d =�UdC 3e.A rri a :fit =� �D f'n r�� ttQ e d��P'i� c e e � y4��T� S 78 38 , Y �� s 1 x, F � .� y'�',•�' ssk4z v ^ yvj ^ �Y;.J^�wifi Y , fs sX a a s Ys• ,,,y'> r�>`,'sF a 'k F' Cler k;of.��ie=°Co . .ur��,� 745�48� -$ T1�7a nr,3 iK , 1 s>i"S F 3 s .,.... � ,. ,. ^,. ., ~£^ram'J ,. � x a ,., ,,, , � ,.. .,..ems..F ^. ° > , �uv � ri• x q` i z ofEec o s , 3 °"t�3,� , f - r 95 38 ;Budget s , i :Bud e t.Txarisfers° 1° asb�Ba axc, � ��:&Reserves` ^ r ^ 7 a. _ a. s y�x�: ° axITS�S' , N' "3�, ,3 ^, X 5 W �Q11alU�� 1" p • yTour.'�st-Develo"merit'CouncllF =. =£six. r.�> '..K s ys,�:5 3 ' >•,. .s, ,'•£n;?`Yap. .. ,^>s „- / Personnel"hosts,.Wa es Ta es&BenefiPs. ...; �. ..�. . ' 111.13 7,x06= `�'Statuta =Allorti�ince-, r. ' r. R� � �. ,x� for P"uk� Facfities ��t�000" rrs` .x� max= .re">`i c k`!, :rf.F i `�s TM na ement� Insurance f4�1� 24": °Piro "ot'o ,5 rriAdve°�a� �syn :,£ g ' 4 292 56 wx"=,Fs;` "t i �` e�r in =Q° rx;`%', 5�� at .0 s is- � "�Pl nn l �v ri`'ly5° .8 �-2 i ersa e e is .,fix�JS , . a j �[yj • :�,>r >,�,° , ram.-,,,,. .. .., ,.,k p,C' , A{ A ■n■ .v� x Re: �:�Se es ,33. s i� 5�£ ;�$ ,>. Fes,.:. ... . , �. �. . , a�C / 3 z`- sic` , 5 ;a ` CapitalPr � s,.�nclud�n�Debt.Serv[ce " ..�,:r`:;.,;. :;. �..;. �.rF` Bud etTransfeirs`:Cas�i:Balance'&fRes+�rve�a . d; .Tr 1'Yic�S" 'r „t Mlica e au a r5P r h,e �t U c ase.� `� � o "oa 6'$ ra F n ..tc=M r Ge a d �-,n air p � x �S arl� f'Fir''" t ia r u o t ,yrr a e'Sa "9tl$^26 `rii loan�O'Teri1 4t'�'r "� S n^ ,UCI"d i~OCaCO S�rUC.�I�}I'1' x a� Ss s. ��• T raumaaSta H �c©:`"terxDekifi Serif`ice 507414 ` 'Tr �, >F`"$4 .Bud e�ed aril er..to 207 4=507�U14`. , .. ,E_ ,Ke eSt nt A1%ernati.o'nial r'O% a.. y ,p"rt'Con�nurseA,::;.'� $37;492;$40`' ., °"['raurna.,Sta;r Qebt�5er"vice-<T'rarisfer�T r.= yy� a isg"3f3 , Mw , �ReserVes° Va'ri0us�; UnCls' 644 t?43: { -Ca ['��" roe fl P ay-o Q�r�Ot , ./ al°ir�cre'ase�a"sed o n S3t �� "�' 151 � 10'�F "�1. ^ rr> 4. FY2024 Ad Valorem Distribution 2,486,188 2% Judicial Court Administrator 68,391,311 Fund 101 2,946,735 2%:. Supervisor of Elections 5,663,403 Fund 149 5,451,228 4% Property Appraiser 74,054,714 7,763,742 5%. Tax Collector 8,959,815.; 6% Clerk of Court 818,291 1%. State Mandated Substance Abuse Mental Health/Baker Act Services Public 74,054,714 52% Sheriff Law Enforcement Safety: 4,090,414 3%. Monroe County Detention Centers/DJJ/Extraditions/Jail Program $97.1M, 869,357 1% Medical Examimer 77% 1,608,237 1% MC Health Department 15,689,512 .11% Fire&Ambulance 126,051,800 89% .Constitutional.Officers/Public Safety 3,547,891 3% Parks&Beaches&Recreation 2,895,954 2% Middle Keys Health Care 2,203,225 2% Human Services Advisory Board 1,500,000 1% Tax Increment Financing District City of Key West (Amount determined after Final Adoption). 4,755,069 3% Property&liability insurance 326,313 0% .Balance of BOCC Operating 141,280,252 100% . . ave ur omes - oun wi eMillage As provided in Section 193.155(1), F.S., beginning in 1995, or the year after the property receives homestead exemption, an annual increase in assessment shall not exceed the lower of the following: a.Three percent of the assessed value of the property for the prior year;or b.The percentage change in the Consumer Price Index(CPI)for all urban consumers. FY23 FY24 Save our Homes Year CPI Change Cap Cap 3.0% 2023 6.50% 3.00% 519,161.00 534,735.83 15,574.83 2022 7.00% 3.00% (50,000.00) (50,000.00) 2021 1.40% 1.40% 469,161.00 484,735.83 Taxable Value 2020 2.30% 2.30% Maximum Increase Maximum Increase 2019 1.90% 1.90% 2.5218 2.7191 Per Year Per month 2018 2.10% 2.10% 1,183.13 1,318.OS 134.91 11.24 2017 2.10% 2.10% FY23 FY24 Non-Homesteaded 2016 0.70% 0.70% cap 10% 762,720.00 838,992.00 76,272.00 c 2015 0.80% 0.80% _ _ 2014 1.50% 1.50% 762,720.00 838,992.00 Taxable Value 2013 1.70% 1.70% Maximum Increase Maximum Increase 2.5218 2.7191 Per Year Per month 2012 3.00% 3.00% 1,923.43 2,281.30 357.88 C.2...9.1D 2011 1.50% 1.50% 2010 2.70% 2.70% FY23 FY24 Commercial 10% Cap 2009 0.10% 0.10% 1,251,408.00 1,376,548.80 125,140.80 2008 4.10% 3.00% 2.5218 2.7191 Max. Inc. Per Year Max. Inc. Per. month 3,155.80 3,742.97 ( 587i . . : C 48.9D 6 . . South Florida Ad Valorem Tax Comparison FY24 Countywide Services — Per $ 100,000 of Value .Y\ FY22 Tax Levy: $478.15 QIQ.. (Millage Rate 4.7815) _�4. - FY23 Tax Levy: $471.50 FY22 Tax Levy: $386.23 ; , - e' 1 (Millage Rate:4.7150) Ys..\© (Millage Rate: 3.8623) � f ywl6 jri ams l Bea , - -- FY23 Tax Lev 376.23 - 1 (Millage Rate: 3.7623) , - :-- e=-' - p :!, , FY22.Tax Levy: $356.45 r! !! FY22 Tax Levy: $551.34 a -- (Millage Rate 3.5645) `�',, ��' 'e (Millage Rate 5.5134) FY23 Tax Levy: $356.45 `-,_ �li � =- - FY23 Tax Levy: $553.06 (Millage Rate: 3.5645) a, f 4 ' (Millage Rate: 5.5306) �. ,J° .� 1 Dade f'. Mortr a � �j ' FY22 Tax Levy: $466.69 ` `'1, -1 !' - (Millage Rate 4.6669) �° t, F 2022 Adopted Tax Levy: $261.49 'v _-_ :J ji ,,,,,pi FY23 Tax Levy: $462.02 a ` (Mills g Rate 2.6149) pr j� �r°'` (Millage Rate:4.6202) ■ : 2023 Adopted Tax Levy: $252.18 , (Millage Rate 2.5218) .� ' • 2024 Pro osed Tax Lev $271.91 `-r' (Millage Rate 2.7191) ` , .,._.r ' L9 1 Source: Florida Department of Revenue: Comparison of Property Taxes Levied 7 . . Countywide Gross Taxable Property Values ys . Ad Valorem Tax Levy41.2 $ $36.: I Billions $30.1 $3 $26.3 $2628.5 $24.9 - -All i $7273 $2370 I. $19.6 $21.4 _ $20.2 --'11111 II111111- _ ::5 111Thill : 19.1 �_ _ II "PH- - ' AT um._ ill 1 I ..,, ,„:: , . , , ____, _ _ 1 , ,, 1 iii 1 , ,„ , , , , ,„ ,, ,w..., , : , i ,„,..,, , , , -„,„ ___, , i L_J-______ '- Millions $79.2 $85.3 $85.3 $82.2 $78.1 $75.3 $77.1 $79.6 $80.3 $80.9 $84.9 $90.8 $95.3 $107.1 $118.9 $141.2 . ; T Taxable Value 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Change over 0 Previous Year -7.6% -14.9% -12.5% -5.2% 0.9% 2.1% 5.8% 5.8% 7.6% 8.2% 6.5% 7.2% 5.6% 16.5% 12/ ■ • ■ ■ ® 0 ■ IE ■ ■ ® 0 0 ■ 0 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Budget Above/-below roll-back -4.75 -2.692 2.67 2.75 -0.03 -0.33 3.84 5.86 3.14 3.75 5.47 9.98 17.55 +/(-)prior year tax levy (4,078,537) (2,877,412) 1,848,033 2,481,692 747,699 574,673 4,027,266 5,904,725 4,505,206 5,197,449 6,551,636 11,859,638 22,329,925 FY20 included new Middle Keys 8 Health Care MSTU ($2 Million) State Guidelines for Millage Rate Adjustm ents Current year rolled-back rate from Current Year Form DR 420, Line 16 2. 2.2529 Prior year maximum millage rate with a majority vote (2022 Form DR-420MM, Line 13) 3. 3.0373 Prior year operating millage rate from Current Year Form DR-420, Line 10 4. j 2.5218 ti If Line 4 is Greater Than or Equal to Line 3 Then Go to Line 11. Otherwise, Continue on Line 5 Adjust rolled-back rate based on prior year majority-vote maximum millage rate Prior year final gross taxable value from Form DR 420, Line 7F57-11 $ 36,808,540,247 Prior year Maximum Ad Valorem proceeds with majority vote 6, $ 111,798,579 (Line 3 multiplied by Line 5 divided by 1,000) Amount, if any, paid or applied in prior year as a consequence of an obligation measured by a 7. 1,398,636 dedicated increment value from Form DR 420 Line 12 Adjusted Prior year ad valorem proceeds with majority vote (Line 6 minus Line 7) [8. $ 110,399,943 Adjusted current year taxable value from DR-420 Line 15 9. $ 40,580,748,765 Adjusted Current Year Rolled back rate (Line 8 divided by Line 9, multiplied by 1,000) 10. 2.7205 Calculate maximum millage levy Rolled back rate to be used for maximum millage levy calculation. Enter Line 10 if adjusted or enter Line 2 if Line 10 is not adjusted 11. 2.72051 Change in per capita Florida personal income 12. 1.0284 Majority vote maximum millage rate allowed (Line 11 multiplied by Line 12) 13. 2.79781 Two-thirds vote maximum millage rate allowed (multiply Line 13 by 1.10) $ per $1,000 14. 1 3.0776j Current year proposed millage rate 15. 2.7191 9 • • FY2024 Salary Discussion BOCC 5% COLA + 2% Merit = 7% $4,269,751 BOCC Total $4,269,751 Total Ad Valorem: $2,838,892 Total Non Ad Valorem: $1,430,859 Constitutional Officers Property Appraiser - 5% COLA + 2% Merit = 7% $320,810 Sheriff - 7% COLA $4,837,661 Supervisor of Elections - 5% COLA + 2% Merit = 7% $369,001 Clerk of Courts - 7% COLA $1,168,300 Judicial Administration 5% COLA $148,183 Total $6,843,955 • Adjust pay plan scales of non-bargaining & Teamsters including Constitutional Officers by CPIU ending Dec 6.5%, adjust salaries to the new minimum for those that fall below. 10 • General Fund Fund Balance General Fund Operating - Fund Balance FY2022 Audited FY2023 Projected FY2024 Projected Ending Fund Balance Ending Fund Balance Ending Fund Balance 6,807,239 1 Month Operating Capital 49,287,103. 46,886,568 39,880,723 .4.3 months of Operating Reserves and $10,000,000 Hurricane Disaster Reserves at 09/30/2024 Operating Capital 4 Months 5 Months 6 Months Proposed FY24 Operating Budget 81,686,867 27,228,956 34,036,195 40,843,434 Hurricane/Disaster Reserve 10,000,000 10,000,000 10,000,000 Minimum Fund Balance 37,228,956 44,036,195 50,843,434 *The Marathon.Airport (Fund 403)is currently utilizing$10,000,000 of General Fund cash to temporarily fund the construction of the new EOC building. The borrowed funds will be returned to the General Fund upon Grant reimbursement. 11 Fiscal Year 2024 Capital Plan Discussion . . Revenue Estimates lnfra`stru"cture saes surtax = State Revenue Estimates for Fiscal Year Ending September 30, 2024 Year Amount %Change 1%Tax Rate- Default Formula Local Government 1990 $ 6,527,762 Distribution Percentage Estimated Distribution 1991 $ 7,763,175 18.9% MONROE BOCC 60.345618 33 811921 1992 $ 8,546,742 10.1% ' ' 1993 $ 10,027,642 17.3% Islamorada 6.371477 3,569,967 1994 $ 9,953,100 -0.7% Key Colony Beach 0.707066 396,172 1995 $ 10,746,262 8.0% 1996 $ 11,521,699 7.2% Key West 23.691520 13,274,465 1997 $ 12,009,003 4.2% Layton 0.187499 105,057 1998 $ 13,217,392 10.1% Marathon 8.696820 4,872,867 1999 $ 12,996,907 -1.7% 2000 $ 12,387,681 -4.7% Countywide Total 100.000000 56,030,449 2001 $ 12,719,997 2.7% 2002 $ 12,645,370 -0.6% One Cent Infrastructure Sales Surtax History 2003 $ 12,884,890 1.9% 2004 $ 15,365,641 19.3% $40,000,000 2005 $ 14,875,923 -3.2% 2006 $ 15,201,005 2.2% $35,000,000 2007 $ 15,200,286 0.0% $30,000,000 2008 $ 15,147,593 -0.3% $25,000,000 2009 $ 13,702,434 -9.5% $20,000,000 2010 $ 14,085,030 2.8% $15,000,000 2011 $ 15,374,998 9.2% 2012 $ 16,318,450 6.1% $10000000 2013 $ 17,172,359 5.2% $5,000,000 iiiiiii -iIIiIIIIIIIIiI1 02014 $ 18,653,970 8.6% $- 2015 $ 20,161,451 8.1% 0 ,-I N m Ct LA .O N 00 a1 0 .-i N m Ct LA IUD N CO C1 0 .-I N m CI. 6A tO I. 00 a1 0 . N E a) a) C) a) a1 al m cn m cn O O O O O O O O O O .-I -1 .-I e-I .-I .-I . --I e-I r, N N N +, 2016 $ 20,817,676 3.3% .m-I .mi .m-I .mi i .m-I C. A. .m-I .mi N N N N N N N N N N N N N N N N N N N N N N N W 2017 $ 21,510,929 3.3% N 2018 $ 20,805,323 -3.3% N 2019 $ 23,583,643 13.4% 2020 $ 19,863,169 -15.8% One Cent Infrastructure 2023 2024 2025 2026 2027 2028 2021 $ 28,613,899 44.1% Fund 304 Estimate Estimate Estimate Estimate Estimate Estimate Beginning Fund Balance 31,983,319 30,299,357 13,345,688 11,030,914 8,594,002 10,209,622 2022 $ 34,358,790 20.1% 2023 Estm $ 32,353,072 -5.8% Revenue 42,074,866 52,787,845 73,568,400 36,028,200 36,694,056 36,981,340 Expense (43,758,828) (69,741,514)41 (75,883,174) (38,465,112) (35,078,436) (26,610,981) 2024 $. 32,000,000 -1.1% .r,Estimated'EndingFund Balance ti ;;30;299;357 13,345,688; 11030 914 ',8,594 002 "v , ,:10 2091622;„ k'20,579 981 2025 $ 32,640,000 2.0% Fiscal Year 2022 had the highest annual one cent infrastructure surtax revenue collected at$34.3 million. As of July 2023,the state is estimating 2026 $ 33,292,800 2.0% FY2024 revenue to be$33.8 million.However,Fiscal Year2023 monthly receipts have consistently fallen short of the previous year's receipts. 2027 $ 33,958,656 2.0% Therefore,OMB is estimating that this trend will continue and that revenue for FY2024 will be approximately$32 million.Actual revenue will change 2028 $ 34,637,829 2.0% the ending fund balance estimate. 13 • • aive- ear - a iProjects - ummar Fund Project Name FY2024 FY2025 FY2026 FY2027' FY2028 5-Year Total` 133 Solid Waste Impact Fees 135,285 135,285 316 Land Acquisition 1,928,210 1,928,210 316 Howards Haven&Conch Key 8,647 8,647 304. Boca Chica Shore Side Facility 40,000 30,000 70,000 140,000 304 Ocean.Reef ILA/Ambulance 361,000 361,000 304 Jefferson Browne/Jackson Square 850,000 1,313,000 1,517,500 2,307,500 1,650,000 7,638,000 304 Public Defender/Simonton Property 326,688 326,688 304 Rockland Key Facility 1,445,000 1,073,000 2,518,000 304 HMGP Wind Retrofit 218,614 918,862 918,862 2,056,338 304 SOE Bayshore Manor 352,600 352,600 304 Gato Building Repairs 240,000 240,000 304 HMGP Generators 137,500 668,750 668,750 1,475,000 304 Historic Courthouse Envelope Restoration 451,062 451,062 304 Higgs Beach(Atlantic Street Relocation) 100,000 100,000 .1,000,000 4,000,000 5,200,000 304 Rowell's Marina 80,200 80,200 304 Upper Keys Activity Center 30,276 30,276 304 Middle Keys Activity Center 20,554 20,554 304 Key West Activity Center 1,750,000 1,750,000 131 . Parks.&Recreation Impact Fees 860,359 860,359 . 304 KL Hydrants 150,000 150,000 150,000 450,000 304 Fire&Ambulance Fire Truck 837,000 837,000 304 MCSO Generator 3,182,628 945,000 4,127,628 304 Trauma Star Helicopter Replacement 13,306,800 38,193,000 51,499,800 . 304 MCSO Cudjoe Substation 50,000 250,000 2,000,000 2,000,000 4,300,000 304 MCSO Marathon Substation 660,000 1,340,000 2,000,000 304 Sugarloaf Fire Station 5,908,265 1,541,218 7,449,483 135 ' EMS Impact Fees Project 191,739 191,739 304: Key Largo III 1,075,354 270,530 1,345,884 304 Seaview Drive Bridge Replacement 1,489,089 1,489,089 . 304 Twin Lakes 2,000,000 1,000,000 3,000,000 304 Harbor Drive Bridge Replacement 5,257,282 500,000 5,757,282 304 Sands Subdivision Sea Level Rise GRANT FUNDED 493,370 493,370 . . 304 No Name Key Bridge Repair .506,178 400,000 400,000 .4,400,000 4,400,000 10,106,178 304 . Sugarloaf Bridge Replacement 3,480,191 . 1,160,064 4,640,255 304 Stillwright Point 450,000 75,405 525,405 304 Toms Harbor Channel Bridge 498,039 498,039 304 Crane Blvd Shared Use Path 1,150,000 1,150,000 304 Key Deer Blvd North of Watson Road Repair 300,000 300,000 3,447,403 1,800,000 5,847,403 304 Conch Key Roads SLR . 324,257 324,257 304 Key West International Airport Concourse A(F 405) 37,492,840 37,492,840 102 Roads&Bridges(F_102) 8,870,018 8,870,018 8,870,018 8,870,018 8,870,018 44,350,090 130 Roadway Impact Fee Projects(F_130) 720,192 720,192 304 Engineering,Legal,and Admin Costs 2,894,610 2,891,448 2,891,448 2,891,448 2,891,448 14,460,402 304 Finance Miscellaneous 500,000 '500,000 500,000 500,000 500,000 2,500,000 304 . Old 7 Mile Bridge 562,655 562,655 562,655 562,655 562,655 2,813,275 304 •' Big Coppitt Key Wastewater(fmr F 310) 51,680 51,680 51,680 • 51,680 51,680 258,400 304 Duck Key Wastewater(fmr F_311)_ 31,000 31,000 31,000 31,000 31,000 155,000 304 . .Cudjoe Key Wastewater(fmr F_312). 150,000 150,000 150,000 150,000 150,000 750,000 . 304 Stock Island MSTU(fmr F_171) 10,000 10,000 304 Long Key MSTU(fmr F 175) 10,000 10,000 304 Duck Key MSTU(fmr F,176)' 10,000 10,000 304 Debt Service SRF Big Coppitt Wastewater 682,000 682,000 682,000 682,000 682,000 3,410,000 . . 304 •Debt Service 2016 Revenue Bond 87609 1,118,674 5,403,042 5,399,739 11,921,455 304 Debt Service SRF Cudjoe Reg.Wastewater 9,379,482 9,379,482 9,379,482 9,379,482 ' 9,379,482 46,897,410 ' 304 Trauma Star Helicopters Debt Service 4,507,014 4,504,225 4,505,525 4,503,730 4,503,839 22,524,333 304 Debt Service 2014 Revenue Bond Fund 314 87607 4,283,766 4,283,766 304 Key Largo ILA 87608 2,125,000 2,125,000 125,000 125,000 ' •125,000 4,625,000 207 Clerk ERP Loan 914,982 915,046 1,830,028 Total Capital Projects&Debt Service $ 120,329,909=${ 85,134,361 $• 46,801,253 $ 43,414,577 $• 34,947,122 $`330,627,222 14 , • Notable Grant Project Name Total Project Cost Grant Funded County Funded % Grant Funded Key Largo Ill Road Project 4,490,494 2,787,598 1,702,896 62% Conch Key Roads Adaptation 7,782,135 3,548,576 4,233,559 46% Key Deer Blvd North of Watson 8,847,403 6,148,052 2,699,351 69% Mosquito Creek Bridge Replacement 5,373,402 3,248,865 2,124,537 60% Tubby's Creek Bridge Replacement 5,373,205 3,248,865 2,124,340 60% Tom's Harbor Bridge Repair 1,951,440 1,173,401 778,039 60% Twin Lakes SLR Adaptation Project 12,685,909 9,415,569 3,270,340 74% Emergency Operation Center 37,258,911 37,258,911 - 100% Historic Courthouse Brick Updates 965,650 482,825 482,825 50% HMGP Generators 6,300,000 4,800,000 1,500,000 76% HMGP Windretrofit 9,331,140 7,099,989 2,231,151 76% Rowell's Waterfront Park 5,772,608 4,114,667 1,657,941 71% Total 106,132,297 83,327,318 22,804,979 78.51% 15 • . Key Points : • Countywide Millage Rate, most likely lowest in Florida again, 2.7191 or $271.91 per $100,000 of value • Aggregate millage rate 3.4049, 5.3% above the FY2023 rate 3.2326 • This budget considers the economic uncertainty, increased operational costs like property and liability insurance, CPI increases on vendor contracts, increased utility, fuel, goods and services costs • Increased demand for expanded programs and public services like a transit program, community centers, affordable housing, library improvements, recreation programs, playground renovations • Continues funding to the Human Services Advisory Board's community based nonprofit organizations. $2,203,225 to 30 not-for-profit agencies for FY2024 ($77k increase - 3.6%) • Capital Projects funded in whole or in large part with non-local funding. Canal projects fully grant funded with legislative appropriations, Stewardship & Restore. 12 notable projects with approximately $106M in total costs, $83M of which is grant funded (78.5%) • U.S. National inflation has trended down over the past 18 months to approximately 5%. However, the South Florida regional inflation rate has remained steady at over 9% per year or 19% over 2 years. 16