FYI Miami: October 3, 2019
Below are some of the FYIs in this week’s edition. The entire content of this week’s FYIs and Insider sections is available by subscription only. To subscribe click here.
CONSTRUCTION STARTS SLIP: The value of South Florida construction starts this year is down 4% from 2018’s level, the latest figures from Dodge Data & Analytics show. The value of new residential construction is off 12% for the year’s first eight months, while commercial construction values have risen 5%. Total new construction value for Miami-Dade, Broward and Palm Beach counties is just above $8.5 billion, down from almost $8.9 billion at the same time in 2018. Total construction values in August were down 2%.
MIAMI OK’S BUDGET: The City of Miami passed the upcoming fiscal year’s budget of more than $1.1 billion last week. Promoted as a “path to prosperity,” Mayor Francis Suarez introduced a million-dollar plan to help the elderly with rising rent costs and small growth of Social Security benefits. Nearly half the budget will go toward salaries and wages and more than a quarter to employee benefits.
TAX RATE APPROVED: The millage rate for the upcoming fiscal year was set, the second lowest in 55 years. Cut from 8.03 to 7.99, the millage rate means that property taxes going to the city will be $7.99 per $1,000 of assessed property value. The rate consists of a general operating millage of 7.5665 and a debt service of 0.4235.
FDOT FIVE-YEAR HEARING: Residents wanting to opine on the Florida Department of Transportation’s (FDOT) tentative five-year work program spanning 2021-2025 will have an opportunity to do so this month, as the local district of the state department will host a 6 p.m. public hearing on the matter Oct. 17 at the FDOT District Six Auditorium, 1000 NW 111 Ave. The hearing will be the second of two scheduled, the first being in Monroe County Oct. 1. The public can participate, ask questions about the projects in the five-year program and give opinions in person or live online by visiting www.fdotmiamidade.com/work-program and going to the “GoToWebinar” page.
STICK TO THE SUBJECT: Sen. Jose Javier Rodriguez of Miami wants to prevent future Florida constitutional amendments from including multiple topics. On Monday he proposed a measure that seeks to place a single-subject requirement on any amendment put forward by the state Taxation and Budget Reform Commission, which meets every 20 years to propose constitutional changes involving tax and budget issues. He has filed too a measure that would place a similar cap on amendments proposed by the Florida Constitution Revision Commission, which also meets every 20 years.