Please see below the answers to some of the most common questions about Margate's budget.
How much is the City of Margate's Current Adopted budget?
It is approximately $113.1 million. Of that amount, $78.5 million is used for the operating budget (to annually support on-going services and programs including personnel), $20.3 million is used for the capital budget (money set aside for capital acquisitions, and infrastructure projects), $2.8 million for the debt service budget (money used to repay debt obligations) and $11.5 million for other costs (grants and aids, other uses/fund transfers).
How is the budget funded? There are a variety of funding sources. The General Fund ($61.2 million) is supported with property taxes and other revenues to fund services and programs that are not self-supporting, such as public safety, recreation, and general government services.
The Enterprise Funds ($40.4 million) consist of programs that are self-supporting without general revenue subsidies, such as water and wastewater facilities, and stormwater utility.
The other funds ($11.5 million) in the budget consist of self-supported agencies with dedicated taxes or fees, such as the Recreation Trust Fund, Roads Fund, Debt Service Fund, and the General Capital Projects Fund.
What percentage of the General Fund revenues comes from property taxes? Approximately (25.8%) of the General Fund revenues come from Property Taxes. Other sources include fees and charges (37.5%), other taxes (10.4%) and state and county shared revenues (9.3%), miscellaneous (4.3%), and inter-fund transfers and fund balance (12.7%).
What is the millage rate? The millage rate is the property tax rate set by the City Commission. It is based on "mills". One mill is equal to $1 per $1,000 of taxable property value. Margate's current operating millage rate is 6.4554 mills. To calculate the amount of property tax, multiply the taxable value of the property by the millage rate and divide by 1,000.
When does the budget process begin? The City Commission typically begins initial discussions in the May - July time frame and holds a public workshop that culminates in two public hearings in September. At the second public hearing, the Annual Operating Budget of the City is adopted. The new fiscal year begins October 1st of each year.
Where can I find a copy of the budget?
The proposed budget is available for viewing online by August 15th each year. The adopted budget is available for viewing within thirty (30) days of adoption each year.