{"id":2031,"date":"2023-08-16T10:05:24","date_gmt":"2023-08-16T15:05:24","guid":{"rendered":"https:\/\/betterstreetsmb.com\/bsmb\/?p=2031"},"modified":"2023-08-29T04:08:40","modified_gmt":"2023-08-29T09:08:40","slug":"miami-beach-projects-20-million-budget-surplus","status":"publish","type":"post","link":"https:\/\/betterstreetsmb.com\/bsmb\/miami-beach-projects-20-million-budget-surplus\/","title":{"rendered":"Miami Beach Projects $20 Million Budget Surplus"},"content":{"rendered":"\n<p>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 <a href=\"https:\/\/betterstreetsmb.com\/bsmb\/wp-content\/uploads\/2023\/08\/LTC-360-2023-Fiscal-Year-2023-Third-Quarter-Analysis.pdf\">analysis<\/a> released by City Manager Alina Hudak.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":2037,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"pgc_sgb_lightbox_settings":"","footnotes":""},"categories":[16],"tags":[],"class_list":["post-2031","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/betterstreetsmb.com\/bsmb\/wp-json\/wp\/v2\/posts\/2031","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/betterstreetsmb.com\/bsmb\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/betterstreetsmb.com\/bsmb\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/betterstreetsmb.com\/bsmb\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/betterstreetsmb.com\/bsmb\/wp-json\/wp\/v2\/comments?post=2031"}],"version-history":[{"count":13,"href":"https:\/\/betterstreetsmb.com\/bsmb\/wp-json\/wp\/v2\/posts\/2031\/revisions"}],"predecessor-version":[{"id":2050,"href":"https:\/\/betterstreetsmb.com\/bsmb\/wp-json\/wp\/v2\/posts\/2031\/revisions\/2050"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/betterstreetsmb.com\/bsmb\/wp-json\/wp\/v2\/media\/2037"}],"wp:attachment":[{"href":"https:\/\/betterstreetsmb.com\/bsmb\/wp-json\/wp\/v2\/media?parent=2031"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/betterstreetsmb.com\/bsmb\/wp-json\/wp\/v2\/categories?post=2031"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/betterstreetsmb.com\/bsmb\/wp-json\/wp\/v2\/tags?post=2031"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}