Today’s Sun Sentinel posted the budget summary & hearing info for 9/26, 7:30 PM. I hate how the line items never match up from each document that we spit out from the finance department.
Let’s compare some PUBLIC INFORMATION:
*SOURCE: May 22, 2007 Budget Message from the mayor
page ii recommended FY budget is $12,666,649
page iv FY 2007 projected $13,810,144
page iv proposed FY 2008 $12,666,649
page iv ad valorem- revenue expected to increase by $385,000. Growth in the total assessed valuation…(note key words ‘growth in valuation’ reversed later)
* APPROVED 2006-07 BUDGET TOTAL GENERAL FUND REVENUES/EXPENSES $12,298,710 SOURCE: 2006-07 budget passed
* Projected 2007: $13,100,188 SOURCE: pg 1, 5/22/07 Proposed Budget
* Projected 2007: $13,810,144 SOURCE: pg iv, 5/22/07 Proposed Budget
* Projected 2007: $13,793,717 SOURCE: 9/12/07 Agenda Detail
* Projected 2007: $13,793,717 SOURCE: 9/26/07 Agenda Detail
PROPOSED 2008 BUDGET GENERAL FUND
* Projected 2008: $12,666,649 SOURCE: page vi, 5/22/07 Proposed Budget
* Projected 2008: $12,003,331 SOURCE: 9/12/07 Agenda Detail
* Projected 2008: $12,003,331 SOURCE: 9/26/07 Agenda Detail
Property values: SOURCE: September 12 & 26, 2007 Agenda
Prior year gross taxable value $2026591173
Current year taxable value $2162578580
OPERATIONS REVENUE
* Budget $6,750,000 SOURCE: 2006-07 budget passed
* PROJECTED AD VALOREM 2007 $6,920,905 SOURCE pg 1, 5/22/07 Proposed Budget
* PRIOR YEAR AD VALOREM PROCEEDS 2007 $7,182,239 SOURCE 9/23/07 Sun Sentinel public notice
* PROJECTED AD VALOREM 2008 $7,298,205 SOURCE pg 1, 5/22/07 Proposed Budget
* PROJECTED AD VALOREM 2008 $6,800,394 SOURCE Sept. 12/26, 2007 Agenda Detail; public notice
* PROJECTED AD VALOREM 2008 $6,511,887 SOURCE 9/23/07 Sun Sentinel public notice
The difference in the last two numbers represents errors & omissions, and Discounts. I have no idea what these are for, but let’s use $6,511,887 as the ‘number to watch’ since this is the net levy and all years should be consistent. As per Lori Parish, cities can expect to see an increase in property values this year since property values just started declining in 2007.
THE ROLLED BACK RATE click to read the law
In calculating our rolled back rate, we should use dollars budgeted and approved, not actual dollars collected.
SUMMARY: We collect more taxes than we plan for, and we spend more than we approve.