Coral Gables: Get Ready for More Property Taxes

December 29, 2010 Leave a comment

You have seen the recent news that the city of Coral Gables had its bond rating reduced (the CFO says “slightly”), because all revenue sources, other than property taxes, are falling. Property tax revenues are not referenced because the city manager and the mayor have consistently proposed higher property taxes and taxing have been raised every year.  Reports of continuing falling property values are certain to appear near in 2011.

With other tax revenues falling, the city manager unable to reduce spending enough, and the hostility of the labor unions od overpaid firefighters and police, you may be certain to see higher property tax rates the next time around.

What do the candidates have to say about this (except for Mayor Slesnick who we know is a strong advocate of higher taxes.)

Filed under Budget, Coral Gables, Finance, Politics, Taxes and Fees

Florida’s Budget a Mess: Taxpayers and Voters Take Notice

December 8, 2010 Leave a comment

If I was the city of Coral Gables I would plan for the worst revenue situation.  Taxpayers, take notice–the city will hit you again next year.

A legislative economist told the Senate Budget Committee on Tuesday that she expects a predicted $2.5 billion budget gap to widen because Florida’s economic recovery has been slower than forecast.

The panel’s chairman, meanwhile, hinted that Gov.-elect Rick Scott’s campaign promises for deep spending and tax cuts may run into trouble in the Legislature.

via Florida’s 2011-12 budget outlook getting gloomier – BusinessWeek.

Filed under Budget, Coral Gables, Finance, Florida

No Cutoff County Manager Says–But Really Cutoff

December 2, 2010 Leave a comment

In other words, Miami-Dade Transit MDT cannot be trusted.  But I guess we have seen multiple demonstrations of corruption, incompetence and inefficiency in the county government.  Does that remind you of any other local governments?

Now the MDT will have to spend the money first and then try to justify the spending to the FTA.   They don’t trust the MDT and the MDT has “serious accounting deficiencies.”  How can the country manager try to misrepresent the situation so easily?

“Contrary to erroneous reports in local media, the Federal Transit Administration (FTA) has not suspended payments to Miami-Dade Transit (MDT),” Burgess’ memo to commissioners said.

“Rather than drawing those funds through a web-based system known as Electronic Clearing House (ECHO), MDT will receive money through a manual process on a reimbursement basis,” the memo said.

FTA said late Wednesday it was unlikely Miami-Dade Transit would be able to withdraw funds manually either.

“It is accurate that under FTA’s suspension procedure, Miami-Dade Transit could still receive FTA funds through the submission of extensive documentation,” said Brian Farber, FTA associate administrator. “However, since these improprieties involve serious accounting deficiencies involving federal funds and farebox collections, the FTA will not be considering any such requests until extensive corrective actions are taken.”

via Burgess: No cutoff of U.S. funds – Broward – MiamiHerald.com.

Filed under Finance, Miami-Dade County

The Government of Coral Gables is Broke, Bungling and Broken

November 24, 2010 Leave a comment

Basically, this signals three small problems:

  • The city is penniless because it doesn’t have the money to pay a mere $1.2 million overcharge (call it a loan) to FEMA.
  • The city has a bungling financial management.
  • The EDGE computer accounting system is broken.

Equally, the taxpayers will pay–this was a loan from FEMA in lieu of a tax increase.

Coral Gables City Manager Patrick Salerno said the total $1.2 million to be repaid will come out of the city’s reserves over a period of 10 years in annual payments.

via Coral Gables to repay $1.1 million after double billing Uncle Sam – Coral Gables – MiamiHerald.com.

Filed under Coral Gables, Finance

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