Coral Springs will hold its first 2011 budget hearing on Monday, September 13 at 5:15 p.m. in the Commission Chambers at City Hall, 9551 West Sample Road. The hearing also will be televised on CityTV, Channel 25 on Advanced Cable Communications and Channel 99 on AT&T’s U-Verse.
The purpose of this meeting is to review the City’s Fiscal Year 2011 budget. At the City’s Business Plan workshop held on July 20, the City Manager presented a financial strategy focused on combating the effects of the global recession while maintaining current service levels and ensuring the community’s continued long-term financial stability.
The financial strategy is based on a continuation of the three-pronged approach implemented during Fiscal Year 2010. This three-pronged strategy included a voluntary wage freeze for union and non-union employees; a plan to judiciously use $14 million of surplus reserves over a four-year period; and adoption of the property tax rolled-back rate, which brought the tax rate back to where it stood in Fiscal Year 2008.
For the coming fiscal year, the City will continue the three-pronged strategy. Additional expenditure cuts will be made, including a continuation of the wage freeze for Senior Management. Total reserves used to supplant lost revenues over the next four years will increase by $3 million. As a measure of last resort, the strategy will once again include adoption of the property tax rolled-back rate, which enables the City to receive nearly the same property tax revenue in Fiscal Year 2011 as it received in 2010.
This budget hearing is an important part of the City’s budget process. A second budget hearing is tentatively scheduled for Tuesday, September 21 at 5:15 p.m. in the Commission Chambers at City Hall. The adopted millage and assessment rates will be confirmed at this time.
To view the City’s adopted Fiscal Year 2011 Business Plan, visit www.coralsprings.org/publications.