Budget & Finance
Four Year Outlook for Key Revenues
Board of County Commissioners presentation on Nov. 17 regarding the four-year outlook of key revenues after COVID-19 and the uncertainty of the economic costs associated with the pandemic.
Resiliency Financing Presentation
Board of County Commissioners presentation on Nov. 17 with an overview, guidance for investing in infrastructure, and resiliency considerations.
Fiscal Year 2022
The Monroe County Board of County Commissioners met in July to discuss the proposed $455.6 million Fiscal Year 2022 (FY22) budget. The budget includes the Board of County Commissioners, the constitutional officers, like the Sheriff's Office, Tax Collector, Clerk of Court, and others, the Tourist Development Council, capital projects, reserves, and debt service.
Monroe County Administrator Roman Gastesi and Budget and Finance Director Tina Boan presented the proposed budget with estimates of residential real estate trends, taxable property values, sales taxes, and state shared revenues, along with fund balance, reserves, and general fund.
"As we emerge from the COVID-19 crisis, it is clear Monroe County continues to benefit from steadfast leadership, dedicated staff, responsible fiscal management, and the remarkable resilience of our community," said Gastesi. "While uncertainties linger, we are hopeful that with each successive month, we will return to a greater sense of normalcy."
Despite the pandemic's challenges, the County implemented strategic cuts in the FY21 budget to place Monroe County on a solid financial footing for recovery. During FY21, the County operated the longest-ever Emergency Operation Center activation, opened the Cudjoe Key Fire Station and Marathon library, has almost completed the Plantation Key Courthouse and Detention Center, and continues the Duck Key bridge strengthenings. The County saved the community millions of dollars with upgraded Community Rating System, prepared the community for FEMA flood map changes, secured disaster recovery and CARES Act funds, experimented with flood control mitigation, graduated additional Monroe County Fire Rescue "Hot Shots," and secured $26 million in legislative appropriations, among other accomplishments through every department.
"This meeting was an opportunity for the commissioners to tell us what they would like to see going into the formal budget discussions in September," said Boan. "This is a moving, dynamic, and changing budget that we can continue to shape to fit the needs of the community."
The proposal was built on the estimated Countywide taxable property value increase, which exceeds last year's historically high figure. As of now, the County continues to have the lowest millage rate in the State of Florida. For all revenue sources, the estimates present a decrease of the current FY21 aggregate millage rate by .5 percent from 3.3435 to 3.3273, which is 5.47 percent above the rollback rate for the FY22 budget.
Some of the FY22 budget highlights include:
- Decreases FY21 aggregate millage rate by .5 percent, lowest in the State of Florida.
- Reflects a property value increase with a total value exceeding $32 billion, a historic high.
- Assumes economic return of 2019 revenue levels with modest growth.
- Includes return to pre-COVID-19 operational levels with Consumer Price Index (CPI) inflation increases for vendor contracts, state-mandated retirement rates, higher cost of fuel and materials, increased utility costs, vehicle replacements, and modest salary adjustments.
- Continued stabilization of fund balances, which has shown prudent to financial resilience during Hurricane Irma and COVID-19.
- More than $2 million in funding for community-based organizations.
"In February 2020, we went from a 2.8 percent unemployment rate, one of the lowest in the state, to 17.7 in May 2020. We are now back to 3.1 as of May 2021," said Gastesi. "The residential housing market is stronger than ever, and our hotel and airport numbers have skyrocketed. As a result, the County is experiencing robust revenue growth that will help secure future road and bridge projects, infrastructure hardening, flood mitigation, canal restoration, airport upgrades, and implementation of other projects to make Monroe County more user-friendly."
With the proposed budget and Countywide average property values, a homesteaded residential property with an appraised assessed taxable value of $385,603 in 2022 would have a $13.73 increase in the property tax for the FY22 year with the proposed budget, which is $1.14 per month.
The budget process timeline is:
- Wednesday, Sept. 8 – First Public Hearing: At this hearing, the BOCC adopts the tentative millage rate and tentative budget. Key West Harvey Government Center, 5:05 p.m.
- Thursday, Sept. 9 – Special Budget Meeting: This meeting is an additional non-required meeting held in the Middle Keys. Marathon Government Center, 5:05 p.m.
- Wednesday, Sept. 15 – Final Public Hearing: At this meeting, the BOCC adopts the final millage rate and final budget. Key Largo Murray Nelson Government Center, 5:05 p.m.
The Monroe County Office of Budget and Finance provides coordination and development of the budget. The FY20 budget was $472.7 million, which included continued Hurricane Irma recovery, and the FY21 was $460.3 million with COVID-19 expenditure reductions in place. The office continues to work on Hurricane Irma and COVID-19 impacts while still providing for the department's daily operations, program enhancements, and capital projects and improvements.
Fiscal Year 2021
The Monroe County Board of County Commissioners met virtually to adopt the fiscal year (FY) 2021 $460,311,267 budget. The budget is 2.6 percent lower than last year’s budget and includes a certified aggregate millage rate of 3.3435, which is less than originally estimated in July 2020 of 3.3602. The budget includes the Board of County Commissioners, the constitutional officers (sheriff, supervisor of election, clerk of court, and property appraiser), the Tourist Development Council, capital projects, and reserves.
Monroe County Administrator Roman Gastesi and Budget and Finance Director Tina Boan presented the budget for discussion and in relation to COVID-19 that included residential real estate trends, taxable property values, sales taxes and state shared revenues, along with fund balance, reserves, and the general fund.
“Since I have been with the County, we have met rollback six out of the 12 budgets. This year, it just isn’t feasible with the uncertainty,” said Gastesi. “This is, by far, the most difficult and uncertain budget we have presented. We will continue to monitor revenue and save money with expenditure reductions while staying fiscally conservative.”
Due to COVID-19, immediate action was taken within the County to identify, analyze, and estimate potential shortages and at-risk revenue sources. The County immediately instituted a hiring and purchasing freeze and furloughed employees who did not have work due to the county closures. The County also suspended discretionary spending and unnecessary travel and deferred work wherever possible. County staff made cuts to make up for shortfalls, including the elimination of 42 positions plus five contracted positions. There will also be no cost of living increases or merit raises for staff.
Many capital projects will also be pushed into the next two to five years. The commissioners will set a special workshop in November to discuss future capital and pilot projects. The commissioners also approved agreements with local non-profit human service organizations, Monroe Council of the Arts, Historic Florida Keys Foundation, and two agreements with the Guidance Care Center for substance abuse mental health and the jail in-house program.
With this budget, a homesteaded residential property with an assessed appraised value of $389,026 in 2021 (with a 2.3 percent capped increase to property value from the previous year, average taxable value) would have a $19.25 increase for the year, or $1.60 a month. Along the same lines, a non-homesteaded property with a $620,248 (average taxable) value in 2021 would increase to $139.73 per year and commercial properties with a $1.124 million (average taxable) value would be $253.24 per year.
- Final Budget Meeting Presentation
- FY21 Adopted Budget Summary
- Monroe County FY21 Adopted Annual Operating & Capital Budget
Budget and Finance's vision is to be a fiscally responsible, customer-focused team that is striving for excellence at all times.
We are dedicated to sustainability by managing programs, services, and their related resources as efficiently and effectively as possible and communicating the results of these efforts to the public.
The mission of the Budget and Finance Department is to provide effective development and implementation of Monroe County’s budget; promote efficient, sound financial management; ensure governmental procurement regulations are followed countywide; facilitate financially responsible grant funding; and maintain the highest standards of ethics, integrity, and prudent expenditure of public funds.
The Monroe County Office of Budget and Finance provides coordination and development of the fiscal year budget. The office continues to work on receiving refunds from FEMA from the impacts of Hurricane Irma and COVID-19, while still providing for the daily operations of the department, program enhancements, and capital projects and improvements.