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 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 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.
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 tentative budget, which is $1.14 per month.
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.