Coral Springs sets tax rate
The City of Coral Springs has developed a three-pronged strategy to dealing with a $10.5 million deficit while maintaining a high quality service delivery. This strategy includes a one year wage freeze for all city employees, careful use of $14.5 million from unrestricted reserve funds during the next three years and the adoption of a portion of the property tax rolled back rate pursuant to state statutes, according to Coral Springs City Manager Michael Levinson.
Adopting the rolled back rate allows the city to collect the same amount of property tax revenue during the next fiscal year as this fiscal year, according to Levinson. Even at this rate, many residents will pay less than in previous years because of decreasing property values. The adoption of the rolled back rate essentially increases the city’s tax rate to the same level it held for 14 years with the exception of the last and current fiscal years. Coral Springs will still have the lowest operating millage rate among cities in Broward County serving more than 70,000 residents.
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