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.
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.