C7AN - Prepare Budget at Rolled-back Rate

A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, DIRECTING THE CITY ADMINISTRATION, AS PART OF THE FISCAL YEAR 2027 BUDGET PROCESS, TO PREPARE THE CITY’S OPERATING BUDGET BASED ON THE PROJECTED “ROLLED-BACK” MILLAGE RATE, ONCE THE PRELIMINARY TAX ROLL ESTIMATE IS ISSUED BY THE MIAMI-DADE COUNTY PROPERTY APPRAISER; RECOGNIZING THAT A TAXING AUTHORITY WHICH TENTATIVELY ADOPTS A MILLAGE RATE ABOVE 100 PERCENT OF THE ROLLED-BACK RATE MUST PUBLICLY ADVERTISE A NOTICE OF PROPOSED TAX INCREASE AS MANDATED BY § 200.065(3)(A), FLORIDA STATUTES; NOTING THAT NEW CONSTRUCTION IS EXCLUDED FROM THE CALCULATION OF THE ROLLED-BACK RATE AND THAT, ONCE INCLUDED IN THE TAX BASE, NEW CONSTRUCTION THAT IS SUBJECT TO AD VALOREM TAX WILL INCREMENTALLY INCREASE PROPERTY TAX REVENUES; AND EXPRESSING THE CITY COMMISSION’S CONCERN THAT GOVERNMENT SPENDING HAS GROWN AT AN UNSUSTAINABLE RATE FAR EXCEEDING INFLATION, WHICH COULD IMPACT THE LONG-TERM FISCAL STABILITY OF THE CITY.