Finance & Budget


Bay Harbor Islands' award winning Finance Department provides financial and accounting information for its citizens and officials.

The Finance Department provides a variety of services including budget preparation, utility billing, accounts payable processing, payroll processing, risk management and preparation of the award winning Comprehensive Annual Financial Report.

The Town Council was able to fully fund general fund operations for 2005/2006 while cutting the municipal tax rate from 5 mills to 4.9 mills.

General Fund Financial Overview

 The general fund is the main operating fund of the Town of Bay Harbor Islands. 

 The amount of General Fund revenues by type, their percent of the total and the amount of change compared to last fiscal year are shown in the following schedule: 

  • Property tax receipts increased 18.1% due to rising taxable valuations despite a reduction in the tax rate from 5 mills to 4.9.
  • Utility taxes and Franchise fees increased due to increased consumption of electricity by residents.
  • Licenses and permits increased due to significantly increased construction activity within the Town.  Building permit fees and processing fees increased sharply.  
  • Intergovernmental revenues increased due to increased shared tax revenues (primarily sales taxes).
  • Fines and forfeitures were elevated in 2005 by significant asset forfeitures due to law enforcement activities.
  • The Town’s fixed-income portfolio was positioned to benefit from rising short-term interest rates during the year.
  • A $600,000 stormwater grant was received during 2005.

Expenditures in the General Fund are shown in the following schedule: 

   ·          General government expenditures declined due to lower litigation costs.

·          Public safety expenditures increased due to legal expenses related to labor negotiations and increased overtime payments largely due to traffic control for the West Relief Bridge construction project.

·          The increase in transportation (which includes streets and parkways) expenditures is mostly due to costs associated with cleanup efforts after two hurricanes.

·          Acquisition of the police boat, the beginning of the complete reconstruction of the Tot Lot Park, and upgrades of the Town’s computer network caused increased capital outlays in 2006.

 Certificate of Achievement for Excellence in Financial Reporting

The Government Finance Officers’ Association of the United States and Canada awarded a Certificate of Achievement for Excellence in Financial Reporting to the Town for its comprehensive annual financial report for the year ended September 30, 2005.  This was the tenth consecutive year the Town received the award.  In order to earn the award, the Town published an easily readable and efficiently organized report that conformed to program standards, generally accepted accounting principles, and applicable legal requirements. The Certificate of Achievement is the highest form of recognition for excellence in financial reporting by state and local governments and is valid for a period of one year only.  The 2006 report continues to meet the standards of the Certificate of Achievement program and will be submitted for review by GFOA.

 

 

 

 

 

                               

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Town of Bay Harbor Islands - 9665 Bay Harbor Terrace - Bay Harbor  Islands,  Fl.,  33154 

305-866-6241  - E-mail: townhall@bayharborislands.org