Town Council Meeting - Second Budget Hearing

The Town Council of Cutler Bay held its second budget hearing on September 22, 2026, focusing primarily on adopting the final millage rate and the operating capital outlay budget for the fiscal year 2026-2027. The council approved a final millage rate of 2.8332 mills per $1,000 of assessed property value, which is a 6.94% increase over the rollback rate, to support operating expenditures including police services, election costs, and debt service related to the Legacy Park project. The total adopted budget was set at $120,278,530, maintaining a surplus of approximately $2.2 million. Additionally, the council discussed and passed an ordinance to raise the town's minimum general fund balance reserve from 17% to 20%, establishing committed reserves for land acquisition, capital improvement projects, environmental remediation, and storm recovery. This ordinance also requires annual reporting on fund balances and the adoption of a formal investment policy to maximize interest income while ensuring financial stability. The council emphasized transparency and fiscal responsibility throughout the budget process, with multiple workshops and public notices provided. No public comments were received during the hearings.