Following a series of workshops, a community survey and a Council visioning session, Palmetto Bay is rolling out its Proposed Operating and Capital Budget for fiscal year 2023. The budget serves as the Village's financial plan and an operations guide as we move through the fiscal year which officially starts on October 1, 2022 and ends on September 30, 2023.

Before the budget is adopted by the Mayor & Council, two public hearings will take place. One on September 12th and the last one on September 28th. During the hearings, members of the general public will have more opportunities to address the Village Council on matters related to the budget, as proposed. Any revisions directed by the Village Council are made to the proposed budget before the second public hearing. On the last hearing date, the Mayor & Council will vote to adopt the budget and the final adopted book is published incorporating any further changes that are approved by the Council during the second and final public hearing.

Below are summaries of what transpired during the budget workshops, which are a less formal but equally important part of the budget process. During the workshop the policies and priorities of what will ultimately be included in the proposed budget are ironed out with the residents' participation.

Click the link below to read a copy of the Proposed Operating and Capital Budget for FY 2022-23.

Monday, September 12, 2022
7 pm
Village Hall
9705 E. Hibiscus St
Palmetto Bay, FL 33157

Monday, September 28, 2022
7 pm
Village Hall
9705 E. Hibiscus St
Palmetto Bay, FL 33157
Budget Workshop #1 - May 23, 2022

Village Manager Nick Marano began the workshop by sharing results from the 2022 Visioning Session, which identified Council priorities. These included focus areas that coincide with priorities from the recent Resident Survey, as a reflection of how items from the projected budget will address these areas. The Manager then introduced the current fiscal information with an explanation of how the Village budget is broken down into two main funds; the General Fund, which is essentially the operating fund and the Special Revenue Fund, which is where restricted monies are held. He explained that nearly half of the Village's General Fund revenue comes from property taxes, with utility taxes and sales taxes being the second-largest and third-largest revenue generators.

A similar breakdown for expenditures showed that more than 50% is earmarked for Police Services, which demonstrates the high priority the Village places on public safety. The second-largest category for expenditures is for Parks & Recreation. The manager then compared the approved adopted budget to estimated actual revenues. He pointed out that estimated revenues for the current fiscal year 2022 exceed those projected in the budget by an estimated $1 million.
Budget Workshop #2 - June 23, 2022

To begin this budget workshop, Village Manager Nick Marano said he would focus on the General Fund as it’s the largest and provides for the bulk of Village services throughout the year. He listed the prime sources of income for that fund, along with the top categories for Village expenditures. As a reminder from the first Budget Workshop in May, the Manager repeated that when comparing the budget to the estimated actual spending for Fiscal Year 2022, the Village would end the year with a “very healthy surplus.”

The Manager then discussed the estimated Fiscal Year 2023 tax roll assessment, which shows a 4% increase from the previous year and raises Village earnings. He noted that sales taxes are forecast to be $500,000 above the Fiscal Year 2022 budget, with franchise fees forecast to be $15,000 above the budget. The manager also announced that the millage rate for Fiscal Year 2023 would be set in July. Following the Manager's summary, each department director presented a short brief on their structure, size, manpower, mission, budget, functions, and other important information. The presentations are available for viewing online.
Budget Workshop #3 - July 25, 2022

Village Manager Nick Marano presented highlights and an overview of the Fiscal Year 2023 Budget. He announced that the budget reflects the increased emphasis the Council has placed on public safety. The Manager also noted the Village’s continued efforts for community resiliency, specifically its ongoing stormwater projects and its effort to lower its CRS (Community Rating System) and thereby reduce insurance premiums.

The FY23 Budget also addresses several projects overseen by the Village’s Parks & Recreation Division. These include the Coral Reef Park Recreation Building, The Woods on 168th Street, and Phase 1 of the upcoming Veterans Park, which the Manager envisions being built in stages. The current budget locks in an increase in ending fund balance, as the Village benefitted from an increase in assessed values and from the opening of several major commercial properties.

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