Better Streets Miami Beach

Miami Beach Projects $20 Million Budget Surplus

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The City of Miami Beach is projecting a general fund budget surplus of approximately $20 million for the current fiscal year ending September 30, 2023, according to a new third quarter analysis released by City Manager Alina Hudak.

The forecasted budget surplus marks an increase of $8.8 million over previous estimates, attributed primarily to higher than anticipated property tax revenues, as well as increases in other areas like licenses, permits, and service charges.

Resort tax revenues are also exceeding estimates, with a total projected surplus of $6.6 million across the different resort taxes collected by the city. The new 2% resort tax surplus is approximately $78,000 less than estimates from the second quarter.

On the expenditure side, most city departments are expected to be under budget, with the exception of the fire department mainly due to new union contracts. Overall expenditures are projected at $6.9 million under budget.

The city administration is recommending that the $20 million general fund surplus be allocated towards required reserve levels, renewal and replacement of infrastructure, and other critical capital projects. The $6.6 million resort tax surplus is recommended for additional tourism-eligible expenditures and required reserve levels.