Proposed Budget as accepted by the Falls Area Financial Responsibility Advisory Committee (FRAC)

prepared by members of the Village of The Falls Finance and Steering Committees 

Overview

On April 21, 2004, the Falls Area Financial Responsibility Advisory Committee (FRAC) approved a Conceptual Agreement that provides for an annual mitigation amount based upon 1 mill of the taxable value which currently would be a $1.5 million annual mitigation payment.  The FRAC also reviewed a proposed budget assuming the same current municipal millage tax rate of 2.447 mills. The budget affirms the financial viability of incorporation, as evidenced by a $500,000 reserve.

The proposed budget was developed by committee members of the Village of The Falls Finance and Steering Committees, taking into account revenue and expense data provided by Miami Dade County Office of Strategic Business Management (OSBM), and the budgets of other municipalities.  The budget closely models the budget of Palmetto Bay, and is very conservative in the estimates of revenues and expenses. 

Assuming the 2.447 municipal tax rate is not lowered and including property taxes with all other taxes and operating revenues, the Falls area is expected to receive about $10 million in revenues.  If incorporated, the proposed budget components show 45% of the municipal costs will be for police, 9% for Village manager, clerk, attorney & finance, with 8% for public works and parks, 9% for restricted funds (building permitting and roads) and 7% will be for all other general government.  Initially 15% will go to Dade County for mitigation and 2% for the Falls area share of the County Bond payments, leaving at least 5% annually for reserves .