City Manager's Annual Report 2017 | A Year In Review | Page 48

48 | F I N A N C I A L H E A L T H

1 .

MILLAGE RATE REDUCTION AND BUDGET
Both the City ’ s millage rate , which is the rate of tax per $ 1,000 of taxable property value , and the City ’ s overall debt dropped in 2017 .
In October , the City Council adopted a budget of $ 509,993,494 for Fiscal Year , 2017-18 with a total millage rate of $ 6.4000 per $ 1,000 of assessed value ; a decrease of $. 1000 or 1.54 percent . This budget maintains current levels of service , infrastructure , equipment , facilities , services and programs . It also addresses maintenance issues that had to be deferred during the recession . It commits $ 2 million for deferred maintenance and vehicle replacement , mainly in the Police , Civic Center and Parks & Recreation departments .
The goal of the City Manager ’ s Office ’ s was to improve the City ’ s budget process in FY 2016 / 17 . The revised process provides a much greater level of detail , tracks changes by footnoting all significant changes year over year and inserts trendline data . City Council received the City Manager ’ s recommended budget prior to July 1st allowing sufficient time for the Council and the public to review the proposed budget . Through the FY 2017 / 18 budget process , staff consolidated fiscal policies that guide financial action ranging from debt issuance to budget development . An element of the fiscal policies is the City ’ s five-year Capital Improvement Plan ( CIP ), which consolidates all capital expenditures from departments into a single document . To facilitate more comprehensive fiscal planning , the CIP review was held in the Spring , which allowed incorporation of operating impacts into the proposed budget .
The City Council is provided quarterly reports on the financial status of the organization including a detail of revenue receipts and expenditures .
Prior to preparation of the budget , staff requested guidance from the City Council regarding anticipated expenditure levels . Achieving the Council ’ s objectives of zero or a reduction in the millage rate , enhancing services where needed and continuing to reduce debt required discipline and sacrifice . In Fiscal Year 2017 / 18 , the City Council achieved the three directed objectives including reducing the millage rate .
During the Great Recession , every municipality in Florida was faced with difficult choices , including impacting service levels ( reducing employees ) and infrastructure ( repairs and maintenance .) At the time , Port St . Lucie ’ s City Council chose a combination of cuts . As a major initiative of the Fiscal Year 2017 / 18 budget , staff increased the amount of funds allocated toward capital . Also , staff recommended , and the City Council approved , the 10- year sidewalk and road resurfacing master plans .
All financial indicators project that the City of Port St . Lucie ’ s government is financially sound . The City Council has made decisions in the budget that have increased service levels in areas such as investing in capital and establishing a set aside of funds for future debt reduction while reducing the City ’ s property tax rate .
PROPERTY VALUATION GRAPH -25.79%
2009
-13.99%
2010
-4.43%
2011
-2.18%
2012
1.17 %
2013
5.35 %
2014
6.91 %
2015
9.18 %
2016
11.06 %
2017
2.5 5 7.5 10 MILLION MILLION MILLION MILLION
SUMMARY OF BUDGETED POSITIONS
1,237.49 FY 08 / 09
1,077.19 1,050.44
1,015.16
987.76
980.42
FY 13 / 14 FY 14 / 15 FY 15 / 16 FY 16 / 17 FY 17 / 18
CITY OF PORT ST . LUCIE MILLAGE RATES
GENERAL OPERATING CROSSTOWN ROAD PROGRAM
FY 13 / 14
1 MIL 2 MIL 3 MIL 4 MIL 5 MIL 6 MIL
FY 14 / 15
FY 15 / 16
FY 16 / 17
FY 17 / 18