COMMISSIONERS APPROVE AND FINALIZE FISCAL YEAR 2025 BUDGET AT FINAL BUDGET HEARING

MONROE COUNTY, FL – The Monroe County Board of County Commissioners met this evening to discuss, approve, and finalize the $715.7 million Fiscal Year 2025 (FY25) budget. The budget includes the Board of County Commissioners, the constitutional officers, which include the Sheriff, Tax Collector, Property Appraiser, Supervisor of Elections, and Clerk of Court, and other appropriations for the Tourist Development Council, capital projects, and reserves. Each entity has its own independent budget within the total budget.
 
Monroe County Office of Management and Budget Director Tina Boan presented the budget with FY25 estimates of residential real estate trends, taxable property values, sales taxes, and state shared revenues, along with fund balance, reserves, and general fund.
 
With the finalized budget and countywide average property values, a homesteaded residential property owner with an average appraised taxable value of $500,777.90 will see a $2.54 monthly increase for countywide services in their property tax for the FY25 year. Of the total taxable value in Monroe County, 20 percent is from homesteaded properties. Non-homesteaded residential properties (with an average taxable value of $922,891.20) comprise 59 percent of the taxable value. Non-homesteaded properties would see a $17 per month increase. Commercial property and vacant land represent 17 percent and 4 percent of taxable value, respectively.
 
Of the total budget, $156 million is ad valorem (or from property taxes), 70.8 percent of the ad valorem funds public safety (like law enforcement, fire rescue, detention centers, medical examiner, and the health department), and 22.2 percent funds the constitutional officers’ operating costs.
 
“The total ad valorem tax levy funds everything it takes to run this county from personnel, police, fire rescue, electric in county buildings, parks and beach improvements, children, senior and Veterans services, trash collection, and more,” said Assistant County Administrator Kevin Wilson. “The rest of the budget is funded by sales tax, state shared revenues, license and permit fees, fines and forfeitures, and service charges.”
 
Additional FY25 Budget Key Points:

• Countywide millage rate: 2.6929 or $269.29 per $100,000 of value, most likely the lowest in Florida again. This is 1% below the FY24 rate of 2.7191. The FY25 aggregate millage rate is 3.3779, which is 0.8% lower than the FY24 rate.
• Reflects a property value increase with a total taxable value of $46.2 billion, another historical high. Property values have doubled in the past 8 years, a 10.6 percent increase compared to last year.
• Reflects continued investment in roads and bridges, resilience adaptation, facilities, and public safety, including funding for the three new Trauma Star helicopters (spread out over several years), operational costs of the new Emergency Operations Center, funding for 24 firefighters who have been paid through a Safer Grant for the past three years, a new Sugarloaf Fire Station, and a replacement firetruck, ambulance, and the addition of two new fire rescue boats.
• Sixteen notable capital projects with $110 million in total costs have $66 million in grant funding, a testament to staff success in finding grants (OPM) to fund local projects and shows a balanced approach to fostering resilience in Monroe County.
• Funds higher operational costs, such as increases for vendor contracts, fuel, supplies, and materials costs, utility and property insurance costs, and personnel costs, while committing to keeping property taxes low.
• Provides more than $2.2 million in funding for 30 community-based nonprofit organizations.
• 12 full-time vacant staff positions were eliminated from the budget, a savings of $1.3 million.

 
The Monroe County Office of Management and Budget coordinates and develops the budget. The award-winning office continues to work with inflation issues and Hurricane Irma and Ian impacts while providing for the department’s daily operations, program enhancements, capital projects, and infrastructure improvements.
 
For more information about the budgeting process or to view budget details, visit www.monroecounty-fl.gov/budget.