Budget & Finance
Outlook for Key Revenues/Financing Opportunities
- Monroe County 4-Year Outlook for Key Revenues Presentation, Nov. 2020
- Commission Workshop: Resiliency/Infrastructure Financing Presentation, Nov. 2020
- Financing Opportunities Presentation, March 2022
Fiscal Year 2023
The Monroe County Board of County Commissioners met July 19 to discuss the proposed $512 million Fiscal Year 2023 (FY23) budget. The budget includes the Board of County Commissioners, the constitutional officers, like the Sheriff's Office, Tax Collector, Property Appraiser, Supervisor of Elections, and Clerk of Court, and other appropriations for the Tourist Development Council, capital projects, and reserves.
Monroe County Administrator Roman Gastesi and Budget and Finance Director Tina Boan presented the tentative budget with FY23 estimates of residential real estate trends, taxable property values, sales taxes, and state shared revenues, along with fund balance, reserves, and general fund.
With the proposed budget and countywide average property values, a homesteaded residential property owner with an average appraised assessed taxable value of $469,161 in 2022 will see a $0.66 monthly decrease in their property tax for the FY23 year with the tentative budget. The taxable value is different from the market value.
Some of the FY23 budget highlights:
- A decrease in the proposed FY23 aggregate millage rate by 4.1 percent from 3.3748 to 3.2366. Typically, Monroe County has the lowest millage rate in the state.
- Reflects a property value increase with a total value of $36.8 billion, another historic high. Property values have doubled in the past 10 years.
- Reflects continued investment in roads and bridges, resilience adaptation, facilities, and public safety infrastructure. A number of notable capital projects are funded in whole or in large part with non-local funding.
- Funds expanded recreational facilities, including new parks, upgrades and amenities to existing parks, and expanded library services.
- Funds higher operational costs like CPI-based increases for vendor contracts, higher cost of fuel, supplies, and materials, higher utility and property insurance costs, and higher personnel costs.
- Provides more than $2.1 million in funding for 26 community-based nonprofit organizations.
FY23 Budget Timeline:
- The First Public Hearing of the adoption of the tentative budget and millage rate will be Monday, Sept. 12 at 5:05 p.m. at the Harvey Government Center in Key West.
- The Final Public Hearing will be held on Wednesday, Sept. 21 at 5:05 p.m. at the Murray Nelson Government Center in Key Largo. The BOCC adopts the final millage rate and budget at this meeting. Both meetings are hybrid and can be attended in-person or via Zoom.
The Monroe County Office of Budget and Finance provides coordination and development of the budget. The award-winning office continues to work with inflation issues, Hurricane Irma, and COVID-19 impacts while providing for the department's daily operations, program enhancements, capital projects, and infrastructure improvements.
Fiscal Year 2022
The Monroe County Board of County Commissioners adopted the final $457.3 million Fiscal Year 2022 (FY22) budget and millage rate. The budget includes the Board of County Commissioners, the constitutional officers, like the Sheriff's Office, Tax Collector, Clerk of Court, and other things like the Tourist Development Council, capital projects, reserves, and debt service.
Monroe County Administrator Roman Gastesi and Budget and Finance Director Tina Boan presented the tentative budget with FY22 estimates of residential real estate trends, taxable property values, sales taxes, and state shared revenues, along with fund balance, reserves, and general fund.
The budget 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 an increase of the current FY21 aggregate millage rate by .9 percent from 3.3435 to 3.3748, which is 5.43 percent above the rollback rate for the FY22 budget.
Some of the FY22 budget highlights include:
- Increases FY21 aggregate millage rate by .9 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.
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.
“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 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.