West Miami plans to keep tax rate the same, dip into reserves
07/24/2014 2:19 PM
07/24/2014 2:20 PM
There are no major changes to West Miami’s tax rate if commissioners approve a preliminary 2014-15 budget, but the city does plan on dipping into reserves.
West Miami City Manager Yolanda Aguilar is proposing a 6.88 tax rate for every $1,000 of taxable property value — the same as last year.
The projected total spending for this coming budget is $5.2 million compared to the current $4.6 million, she said.
Aguilar is requesting the city dip into the city’s reserves funds, but it she expects the money to be returned later.
“Because there are other factors in the budget that was driving the expenses, we are going to take $80,000 from the $750,000 reserve,” she said in a phone interview. “There are projects that promise to add to the city’s tax base.”
Aguilar said the city is anticipating new projects, which will provide additional funding.
“We have projects that promise to add to the city’s tax base at which point the city should see new revenue,” she said.
She referred to a new development on 67th Avenue and Southwest 22nd and 23rd streets and a Publix supermarket, which is expected to be completed sometime next year.
The city is also anticipating constructing a new West Miami building, which will house public works, motor pool, code enforcement and zoning and building department.
Aguilar added that she sees a positive outlook to the city’s future finances, but it will take time.
“Although no one likes to take from reserves we believe the city is at a point in time where in the next 18 months or two years the city will be in pretty good shape,” she said.
If approved, the 2014-15 budget takes affect Oct. 1. The first and second budget hearing are set for Sept. 8 and Sept. 17 at 7:30 p.m. at 901 SW 62nd Ave.
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