FT. LAUDERDALE (CBS4) – Broward commissioners announced late Tuesday night that their $3.2 billion budget f0r the 2012 fiscal year has passed.
The number is about $769 million less than the 2011 budget. Official say no jobs cuts or bargains with unions were made to close a spending gap when formulating the 2012 budget.
The majority of taxpayers will experience either flat or reduced taxes on the Broward County portion of their tax bill. The combined millage rate has been set at $5.553 per thousand of taxable value. The flat millage rate results in the County collecting approximately 2 percent less in property taxes or $20 million for a cumulative reduction of $257 million since fiscal year 2007.
Taxpayers who will see a slight increase in their county taxes are those whose taxable values have increased and are homesteaded property subject to the state “recapture rule.”
In addition to a reserve from one-time funds which can be used for new jobs and ‘economic development initiatives’, the 2012 budget also includes funding to reopen all county parks full time, extend library hours and maintain public transportation and social services.
Broward’s new fiscal budget year begins on Saturday.
Click Here to read the budget breakdown.