Despite a devastating blow by the coronavirus, which has led to resort taxes being cut by 80% and parking revenues slashed by 90%, Miami Beach leaders believe they've compromised on a budget for the new fiscal year that's about $44-million less than this year's.
Miami Beach residents will not be paying a higher property tax rate under the proposed $625-million spending plan up for its first public hearing today.
"Certainly we had to reduce some service levels in this year's budget. For example, the trolley system, which is almost a million dollars a month in expenditure, and we've had those cut out for five months now, so there's been a savings there," says Commissioner Steven Meiner.
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He adds, in order to balance the books, they've also made some tough personnel decisions and agreed to dip into their rainy day funds, but there's still $80-million left in the resort tax and general fund reserves.
A second, and final, public budget hearing is set for September 29th, with the new fiscal year beginning on October 1st.