The September 29th Council meeting was preceded by Homestead’s final budget hearing. Without further discussion, Council unanimously approved the 2022 millage rate of $6.2055 per $1000 of assessed value, the same as last year. A debt millage of 0.4150 per $1000 was approved - a 0.0335 reduction from last year. Ad valorem property taxes comprise 35.5% of next year’s General Fund revenues totaling $55.3 million. Building growth and an increase in property values is expected to yield extra revenue of $1,280,806. Coupled with municipal revenue sharing of $583,138 and combining other revenue sources, including $160,000 cuts to programs, the City can afford a $3 million dollar increase in new expenditures without a tax increase.
Slated for next year’s budget that begins October 1 are four new police hires (one under CRA’s budget), two new Code Enforcement officers, new Park personnel and expenses, new hires at Development Services, and a second inmate crew to combat litter.
The City’s new budget including the general fund, utility funds, impact fees, the CRA, debt service and other segregated funds totals $203,012,088.
Council also approved a surcharge as needed to pass on to City customer’s County charges for water and sewage assistance. Staff had estimated increased annual charges of about $29 per City property.