City of Deerfield Beach, Florida Financial Overview
Financial Overview Current Financial Condition of City Revenue Trends Economic Trends
Deerfield Beach, Florida - Financial Condition General Fund - Fund balance is healthy at $24.9 million Combined unrestricted net position of Water & Sewer and Solid Waste Enterprise Funds is fairly healthy at $29.1 million. AA for GOB Bonds from both S&P and Fitch Ratings City has relatively low debt burden Dedicated funding source for ongoing capital projects program City is essentially built-out
Fund Balance History General Fund $30,000,000 $25,000,000 $20,000,000 $15,000,000 $10,000,000 $5,000,000 $0 2011 2012 2013 2014 2015 2016 2017 Unassigned $3,885,412 $4,600,367 $4,193,717 $4,502,471 $11,631,572 $16,512,401 $16,400,894 Total Fund Balance $9,391,541 $7,017,210 $7,712,721 $13,948,118 $18,871,274 $24,614,270 $24,900,370
Millage Rate History 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 5.3000 5.3500 5.3500 5.0000 5.0000 5.5000 5.7688 5.7688 5.7900 6.5007 6.5007 6.6688 6.7688 6.7688 6.7688 6.2500 6.5000 6.8301 6.8369 6.8506 6.8506 6.2278 6.2278 6.2278 6.2278 6.2680 5.9860 5.9165 5.9165-1.0000 2.0000 3.0000 4.0000 5.0000 6.0000 7.0000 8.0000 Total Debt Operating
FY2019 - Estimated General Fund Revenue - $107.9 Million Intergovernmental 7% Permits Fees & Assessments 21% Charges for Services/Admin. Fees 17% Misc. Other 4% Taxes 51% Taxes - Ad Valorem $41.9M Utility Taxes - $8.5M Comm. Svcs Taxes - $2.3M Other - $2.2M Permits, Fees & Assessments Bldg Permits - $5.1M Franchise Fees - $5.9M Fire Assess. Fees - $11.2M Intergovernmental State Revenue-Sharing - $2.0M Half-cent Sales Tax - $5.5M Other - $0.4M Charges for Services/Admin Fees Charges for Services - $9.6M Administrative Fees - $8.5M Misc. Other Fines/Forfeits - $1.2M Interfund Transfers - $2.2M Capital Leases/Other - $1.4M
City of Deerfield Beach, Florida Ad Valorem Tax Estimate FY2019 Total citywide estimated tax collections - $43,742,732 Tax incremental revenue (CRA s allocation) - $1,864,451 Projected net General Fund tax collections - $41,878,281
City of Deerfield Beach, Florida Ad Valorem Tax Revenue $45,000,000 $40,000,000 $35,000,000 $30,000,000 $25,000,000 $20,000,000 $15,000,000 2011 2012 2013 2014 2015 2016 2017 2018(Est.) 2019(Est.) Ad Valorem Taxes $32,870,366 $25,670,839 $26,185,412 $31,347,644 $32,924,539 $34,887,088 $36,633,074 $39,017,738 $41,878,281
City of Deerfield Beach, Florida Average Values of Single Family Homes Average Assessed Value 2017 Average Assessed Value 2016 Deerfield Beach $164,151 $154,511 Broward County $239,059 $225,395 Source: Broward County Property Appraiser
Florida Additional Homestead Exemption Will increase homestead exemption from $50K to $75K for homesteaded properties Ballot question is scheduled for vote during November 2018 general election Will eliminate an additional $201 million from City s total homesteaded tax base of $2 billion Will reduce the City s ad valorem tax revenue by $1.3 million Will take effect in FY2020, if passed
Florida Additional Homestead Exemption (Continued) Originally proposed for $75K - $100K; Senate amendment shifted range to $100K - $125K Average taxpayer will benefit by only $136 Will not apply to School Board portion of tax bill
Effect of Additional Homestead Exemption Assessed Value 1 st Homestead Exemption ($0 - $25K) 2 nd Homestead Exemption ($50K - $75K) 3 rd Homestead Exemption ($100K - $125K) Total Homestead Exemption Homeowner A $50,000 $25,000-0- -0- $25,000 Homeowner B $50,005 $25,000 $5-0- $25,005 Homeowner C $100,000 $25,000 $25,000-0- $50,000 Homeowner D $126,000 $25,000 $25,000 $25,000 $75,000
Broward County, Florida - Fire Assessment Fee Comparison Southwest Ranches Lauderhill West Park Weston Miramar Tamarac Lauderdale Lakes Margate Pembroke Pines Broward County Average Fort Lauderdale Dania Beach Hollywood Parkland North Lauderdale Wilton Manors Sunrise Oakland Park Hallandale Beach Davie Unincorporated Coral Springs Coconut Creek Deerfield Beach Pompano Beach Cooper City Lauderdale by the Sea Lighthouse Point $129.85 $120.34 $223.75 $222.00 $220.00 $215.00 $214.72 $209.50 $199.00 $198.00 $196.00 $190.00 $180.00 $177.79 $175.00 $163.00 $161.28 $372.84 $350.00 $321.00 $300.00 $271.48 $256.55 $256.00 $433.97 $460.00 $447.86 $518.49 0.00 100.00 200.00 300.00 400.00 500.00 600.0
Economic Indicators
Economic Indicators Unemployment rates (May, 2018): City 3.4% Broward County 3.2% State 3.4% Increase for month of May, 2018 in Florida consumer confidence from 98.0 to 100.6. Median sales price of single-family homes for May has increased by 7.7% for the Broward region (from $325K to $350K)
Economic Indicators (continued) Number of closed sales of single-family homes decreased by 8.5% for Broward region Real GDP increased at an annual rate of 2.2% in 1Q 2018 Per capita personal income for South Florida region was $52,210 Gross Deerfield Beach retail sales - $8.9 billion Taxable Deerfield Beach retail sales - $1.3 billion
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