Coral Gables 2011 Budget–First Impressions

My first impression in one of some relief that the city manager is proposing a tax rate reduction–actually it is a tiny reduction, so let us call this holding taxes that same as last year.

My second impression is that this budget is very expansionary by making such a small reduction in taxes.

The city took from us quite a large increase in taxes last year, so one would have hoped that the city would have given that increase back, just like Miami-Dade county.

We would have hoped for larger staff reductions and operating cost reductions at this time.

Therefore, tied with the proposal for a large investment program that will have to be repaid in 20 years (instead of the refinanced debt in four years),  this is a very agressive expansionary budget that will come back to bite use in the coming years.

 

 

 

Budget Letter from City Manager City of Coral Gables

This is the budget transmittal letter of the city manager, summarizing the 2011-2012 budget proposal for the city of Coral Gables.

It’s Budget Time for Coral Gables

The Miami Herald reviews the budget proposal.

Are here is the new budget:

http://www.citybeautiful.net/CGWeb/documents/finance_docs/CCG_Budget_2011-2012.pdf

Here is the page with the previous budget documents and annual reports of the city:

http://www.coralgables.com/CGWeb/dep_documents.aspx?DeptID=DeptID16

Coral Gables Note: Unfunded Pension Liabilities Will Increase

The current slow patch in financial markets is likely to increase pension liabilities for Coral Gables with the decline or slowdown in returns of pension investments.  In any case, the unfunded pension liability is about $2oo million and the city has elected to make the minimum necessary contribution in the next budget cycle.  Rather the city prefers to increase its debt and expand capital spending, rather than try to deal with its big liabilities.

Are you sure that Mayor Slesnick was defeated?